The former head of the world’s largest crypto exchange Binance, Changpeng Zhao, also known as CZ, has shaken the crypto space with an interesting post today. CZ, in his address to the public, attached a photo of a keyboard with the Alt key in focus. Zhao accompanied his post with a caption asking the question, “which key is available on Windows and Linux, but not on Mac?”
The answer seems obvious from these two variables, but let’s just state it clearly: Alt. It seems that the only motivation for the former Binance boss to publish something like this is to hint at the season of alternative cryptocurrencies.
After the price of Bitcoin (BTC) added over 125% since the beginning of the year, the altcoin market has only added 93%, and that is considering that they should be growing at a more explosive rate. Moreover, the price of Bitcoin has already set two new all-time highs for the year and is approaching the coveted $100,000 mark.
At the same time, alternative cryptocurrencies are literally hundreds of percent away from their all-time highs and are just starting to recover this gap with BTC, with XRP, Cardano (ADA) and Chainlink as the most evident examples.
If we pay attention to the TOTAL2 index, which displays the market capitalization of alternative cryptocurrencies, its all-time high was set at $1.71 trillion in 2021, and at the moment the index value is $1.5 trillion. In other words, altcoins have not once updated the all-time high in this cycle but have not even come close to it.
It is possible that CZ’s post will be the trigger or marker for the start of a finally full-fledged altcoin punch-up, but it would not be surprising if the market once again outplays everyone and does things in its own way.
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