Since the start of June, Bitcoin has significantly underperformed some of the leading digital assets. Some traders are expecting an “altseason” to take place soon due to the recent outperformance of altcoins. The head technical analyst at the cryptocurrency research firm Blockfyre took to Twitter to share this sentiment.
An altcoin season is when altcoins across the industry rally by hundreds of percent to outperform Bitcoin strongly. The last altseason took place in 2017 and 2018 when Bitcoin’s dominance fell as low as ~34%. Changpeng “CZ” Zhao, the CEO of Binance, said that the sentiment that all altcoins will rally may be too optimistic.
CZ also added that 95% of projects are unlikely to sustain a pump during this upcoming cycle. Zhao is not the only one to suggest that most cryptocurrencies are unlikely to perform well. According to an earlier FXStreet report, Jason Calacanis, an angel investor in Robinhood, said that he believes 99% of the digital assets have no merit.
Popular entrepreneur Kevin Rose also shares a similar sentiment.
The problem is that 99% of the projects out there and a lot of the people who are behind them are just in this for the pure financial gain. And there’s a lot of garbage out there. And that’s unfortunate because it really drags down the high-quality projects, and it muddies the space quite a bit.
Reprinted from fxstreet,the copyright all reserved by the original author. #cryptocurrency##Bitcoin##Knowledge#
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