During the month of May, Bitcoin had everyone’s attention in the crypto community. Its immense recovery since the collapse in March had significantly improved its financial credentials and the largest digital asset was touted for a big rally over the next few months.
The situation has drastically changed since June as Bitcoin was hardly made any drastic gains. Over time, the asset has depleted a bit but hasn’t really entertained a bear run as well. BTC was stuck in a price range and over the past month, other altcoins have started to take away its attention.
Cardano has surged 195% in 2020, Crypto.com’s CRO token has improved by 220% but the most notable spike witnessed in the top 40 is Aave’s LEND, which has registered a staggering growth of 1882% YTD.
The buzz around altcoins is gaining significant momentum and now major proponents in the space were starting to entertain in influence.
In a recent interview with Bloomberg, Binance CEO, Changpeng Zhao was asked about Bitcoin’s price movements and the current impact of altcoins on the industry.
Zhao, or commonly known as CZ, said he was stumped as well and ‘honestly didn’t know’ when Bitcoin could cross $10,000 again.
He added that with time , major reasons, such as quantitative easing, may have a factor in and BTC ‘s price may eventually break out, but it’s pretty stable at the moment.
Talking about altcoins, he added,
“Data also shows that it is pretty much an alt-season now, with Binance futures, more than 60 percent of the volume comes from altcoin, which is actually much higher than before.”
He also revealed that of all the altcoins that are listed on Binance in Q2 2020, only three coins registered negative returns in that period.
Twitter hack is not Bitcoin’s fault
A common topic of discussion that has been fairly evident over the past few days in the Twitter hack but CZ suggested it was BTC’s moneyness that made it amiable to the hackers, as it was a better form of currency than fiat.
Speaking about the negative impact, he said he would obviously like positive press to follow the largest digital asset in the world but citing “any publicity is good publicity”, it can be speculated that CZ did not mind the recent conundrum and attention that followed Bitcoin after the Twitter hack.
