Binance’s CZ expecting an altcoin rally that will lead the way for ‘stronger projects’

  • 09 July 2019, Tuesday, 16:00

After a prolonged crypto-winter and subsequent Bitcoin rallies, much of the community is anticipating an altcoin season. However, crypto-traders and analysts speculate that the lack of an altcoin season so far has to do with a growing interest in initial exchange offerings [IEOs].

Skeptics in the field had compared the 2017 rally, which resulted in the market crash, to present-day Bitcoin surges. They have said that the current bull run has been a steady one as opposed to the former, which saw a staggering rise in Bitcoin’s valuation from a low of $963 to almost hitting the $20k-level, in just one year.

Changpeng Zhao aka CZ, CEO of Binance, also seemed to be pretty bullish for a potential altcoin rally this year and is of the opinion that unlike the 2017 bull run, the upcoming rally will be a selective one which would lead the way for “stronger projects would go up.” He said,

“The industry is evolving, we are now seeing real projects with real blockchains coming out.”

The cryptocurrency industry has posted quite a few epic surges this year and despite sustaining pullbacks from regulators, the market has continued to grow. Bitcoin’s dominance has in fact, recovered from the lows of 33% in January 2018 to 63%, at press time.

Despite garnering interest from industrial biggies, the crypto-ecosystem, which is still in a nascent stage, has time and again drawn a lot of criticism, the most recent one led by economist Nouriel Roubini at the “Tangle in Taipei.” On a much lighter note, Changpeng Zhao addressed a few important upgrades in the world of Binance, his stand on the regulations and much more.

The hostile regulatory approach by lawmakers concerning the industry compelled many to comply with existing orders or close down their shops in a particular region. Speaking about the same, the CEO of the world’s leading cryptocurrency exchange said,

“I think we are very clear that we’re fully compliant with every regulator so we never step over our boundaries. [..] Binance had partnered with BAM Trading Services in the US to be able to provide services in the region.”