In a recent interview, Binance CEO Changpeng Zhao jokes about the current development of the No.1 crypto currency. It is becoming more and more a stable coin. CZ also believes in an Altcoin Season in 2020 and we take a look at the current market situation.
Bitcoin price at the start of the week
The market leader is getting a solid start to the new week and at the time of writing is trading at USD 9165, a daily gain of 0.36%. The bulls are once again waiting in front of the resistance at $9200, but the low trading volume (around $13.7 billion) could make it impossible to cross it. From a bearish perspective, traders are looking at the support level at USD 9000. For months now, Bitcoin has been oscillating in the range between USD 9000 and USD 10000.
Bitcoin as a stable coin?
CZ Binance comments as follows in the interview:
“I honestly don’t know what’s going to take for Bitcoin to break this [$10,000], but I think it’s probably going to be just time. I think with all the macroeconomics that are happening – the amount of quantitative easing and the amount of fiat flowing into the economy – sooner or later will help Bitcoin to break out.
Right now, Bitcoin has been really stable. People have been calling and joking that it is a stablecoin now.“
Joke or reality?
Of course, the volatility of the first mover is still far too high to fulfill the characteristics of a stable coin. Due to the uncertain state of the global economy, Bitcoin, like countless other markets, is clinging to Wall Street. Many investors see something positive in this correlation, as the stability could bring new investors into the market. Bitcoin seems to be strengthened after the third halving event. Fears that the halving could harm the ecosystem have not come true. Nevertheless, the leading crypto currency has lost some of its dominance.
Altcoin Season 2020?
CZ now considers an Altcoin Season 2020 likely. The enormous price rallies of LINK and Cardano could be the harbingers. The DeFi market is booming and CZ is drawing attention to a further development:
“Also, when we look at the top performance during Q2 – from March 31st to June 30th – of the 200 coins listed on Binance, only three went down. I guess it is an altseason.“
Now that projects like ETH 2.0 are in the starting blocks, things could soon get pretty turbulent in the crypto space.