CZ Weighs In On Altcoins Performance As Crypto Market Retraces
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Binance co-founder Changpeng Zhao suggested that the highly anticipated Altseason is not here yet, as most Altcoins continue to bleed, while some market observers believe the worst may end soon.
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CZ says there is no replacement yet
Friday, Zhao’s Zhao (also known as CZ) answer For X users, ask when Altseans occurs. The Binance founder pointed to the price tracking and market data site CoinMarketCap (CMC), which recently added the “Altcoin Season Index”.
CZ stressed that few people have shown “top 100 altcoins” performance in the past three months, indicating that no replacement has occurred.
As stated on the website, the CMC Altcoin Season Index page “based on the performance of the top 100 Altcoins for flagship cryptocurrencies in the past 90 days, “provides real-time insights into whether the cryptocurrency market is currently in the Altcoin season.”
According to the metric, 75% of the 100 AltCoins over a given period were better than BTC. For CZ, “it’s a tough ranking system” because he thinks 50 is a good score for altcoins.
CMC Index Page show Since early December, the score is 14/100, with only 14 Altcoins outperforming BTC. Some of the tokens on this list include Monero (XRM), Hyproliquid (Hype), Pi (Pi), Mantra (OM), Berachain (Bera) (Bera) and the official Trump Memecoin (Trump).
Like Sui and Solana (Sol), the price has dropped by 37% to 41% in the past 90 days. Meanwhile, MEMECOINs such as Dogwifhat (Wif), Pepe, Floki and Bonk feel between 70% and 80% of the time during this period.
Analyst Michaëlvan de poppe also Famous Despite some recent price rallies, Altcoins’ overall negative performance on a higher schedule. “On some altcoins, the green days are huge, they grow 2%! Then, you shrink, and then zoom in, and then zoom in,” he asserted.
The bottom of the mountain coins may be close to
Altcoin Sherpa statement During the summer 2024 review, AltCoins was in a position of “about the same or worse”, noting that “overall is also very bleak, and then we saw some strong bounces in August.” However, unlike last year, the market did not have “Pumps for Trump.”
Recently, the prices of some top cryptocurrencies have risen sharply after U.S. President Donald Trump Announce A strategic reserve, including SOL, XRP, Cardano (ADA), Ethereum (ETH) and BTC.
Still, after the March 6 executive order established strategic bitcoin reserves and “digital asset inventory”, White House AI and Crypto Czar, David Sacks, David Sacks, clarify The previously named AltCoins is used as a reference for the most valuable tokens on the market.
Sherpa believes that the market’s lowest point is close, but “we may also have a CHOP period that can pass” before a substantial recovery can be carried out.
Instead, some industry figures have commented on Altcoins’ overall performance in this cycle, suggesting that Altseason has started, but is different from previous cycles.
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Recently, Ki Young Ju, founder and CEO of CryptoQuant, statement The replacement has begun. He confirmed that there will be no direct Bitcoin-to-Altcoin rotation this cycle, because the advantages of BTC are not the key indicators that define it.
For CEOs, trading volume is the indicator defined this time. JU also noted that it will be a very selective and challenging preseason, with only a handful of altcoins with a strong narrative that will flourish.
Featured images from Unsplash.com, charts from TradingView.com
