The CEO of the Binance cryptocurrency exchange – Changpeng Zhao believes that the alta season has just started on the cryptocurrency market.
Season for alts?
Since June 2020, altcoins have seen a significant increase in value. In particular, there have been double-digit jumps in value almost daily in the past few weeks. Last week, Chainlink (LINK) grew by almost 40% in 24 hours, reaching the new ATH. In addition, the sector of decentralized finance (DeFi) is also developing dynamically.
According DeFiPulse total value invested in DeFi (TVL), it sets new heights (ATH) almost daily. It recently surpassed its old ATH and is now approaching $ 3 billion. In June alone, Compound (COMP) was listed on four major cryptocurrency exchanges, including Binance and Coinbase. So far, TVL is $ 3 billion, while Maker dominates at 21.05%, which is 633 million of the entire TVL.
Although speculation about the altcoin season is not uncommon, Binance CEO Changpeng Zhao confirmed this information in an interview with Bloomberg. The CEO said that “data show that the alta season is now”. It also revealed that most of Binance and Binance Futures’ trading volume (up to 60%) comes from altcoins.
A possible explanation for the increase in demand could be Elon Musk’s approval of Dogecoin and DogE.
Interestingly, the price of Bitcoin has been relatively stable and has remained below $ 9,300 in the past few weeks, regardless of the rise in altcoins. CZ believes it will eventually break the $ 10,000 mark.
A few days ago, the Binance exchange announced the twelfth quarterly burning of its native Binance Coin (BNB) tokens. This time around, the process was the largest ever, reducing the amount of BNB in circulation by 3.4 billion.
It was not only the largest burnout of tokens in history, in terms of supply, but also in value, which today amounts to US $ 60.5 million.
In April 2020, Binance acquired the most popular industry portal – CoinMarketCap. More than a week ago, the stock exchange announced the acquisition of Swipe, which produces Visa cryptocurrency debit cards.
In mid-June, we learned that despite the removal of Bitcoin SV from the Binance exchange in April 2019, its Binance Pool mine currently produces more BSV blocks than any other entity.