Changpeng Zhao Predicts Alt Season
Date: 2024-12-04 Author: Henry Casey Categories: BUSINESS
On the X platform (formerly Twitter), Zhao cryptically asked, “What key is on Windows and Linux but not on Mac?” The answer was the Alt key, which is also associated with altcoins. Users have speculated that this could be a hint at the rise of interest in altcoins or even the AltLayer (ALT) protocol.
Interestingly, Zhao’s message comes amid the rise of the Altcoin Season Index, which has reached 78. This indicator reflects that altcoins have become more attractive to investors compared to Bitcoin. However, experts warn of the risks: the volatility of the altcoin market can cause sharp price changes.
Popular trader Sheldon Sniper said that investors should be prepared for a possible correction. He advises setting limit orders to minimize losses, as “the drain on altcoins can be sharp and unexpected.”
Another expert, Miles Deutscher, urged crypto traders to take a strategic approach. He recommended focusing on assets with a proven track record and avoiding buying tokens by succumbing to short-term trends.
CryptoQuant CEO Ki Young Ju believes that the upcoming alt season will be unique. According to him, Bitcoin is gradually moving away from the altcoin ecosystem, as its own infrastructure has become more independent. This weakens the traditional relationship between the flagship of the crypto market and other tokens.
Some users saw in Zhao's tweet a reference to AltLayer, whose native token (ALT) has grown by almost 20% after his statement and is now trading at $0.1821. AltLayer is a project on the Binance Launchpool platform designed to scale Ethereum using the second layer (L2). The protocol allows you to run applications based on popular blockchains, which makes it a promising tool for developers.
