Binance founder Changpeng Zhao came to the agenda with his encrypted “Alt key” post. Some users claim that CZ signaled the altcoin season with this post. On the other hand, the price of the altcoin named “ALT” rose. Meanwhile, the rise in the altcoin index attracted attention. More than 75 percent of the top 100 altcoins outperformed Bitcoin, with PNUT leading the way with 2,309 percent growth.
“ALT” post by Binance founder
Today, the Binance founder shared an X post. According to some, CZ’s cryptic “Alt” key post signaled the altcoin season. “What key is on Windows and Linux but not on Mac?” Zhao wrote in a cryptic post. The amusing post seems to signal the arrival of Altcoin Season, a period when altcoins outperform Bitcoin. However, it is important to note that CZ did not explicitly make such a post. Coincidentally, the Altcoin Season Index (ASI) currently stands at 81, signaling altcoin dominance in the cryptocurrency market.
This time last year, CZ also hinted at the altcoin season coinciding with Jim Cramer’s bearish outlook on altcoins. As in 2023, CZ’s timing and amusing remarks sparked a lot of interest in the crypto community. While previous altcoin seasons have been tied to Bitcoin-to-altcoin movements, this year is different. According to Ki Young Ju, CEO of CryptoQuant, trading volumes between altcoins and stablecoins/fiat are now a better indicator of market direction. For example, XRP and Solana neared record highs despite low Bitcoin trading pairs, supported by increased stablecoin activity.
While altcoins are performing well, they need more capital to reach their previous market cap peaks. Stablecoins reflect a more mature market with stable trading patterns. As such, they have emerged as key drivers of altcoin trends. The rise in ASI reflects investors’ growing preference for altcoins. In particular, more than 75% of the top 100 altcoins have outperformed Bitcoin over the past 90 days. In particular, the index approached 83, its yearly high recorded earlier today.
The price of the altcoin project ALT has risen
Meanwhile, due to CZ’s release of the “ALT” image, the price of the AltLayer protocol token ALT soared. The altcoin price briefly rose to $0.1898, currently trading at $0.18. Moreover, the 24-hour increase exceeded 15 percent. However, experts tell users that the AltLayer protocol token ALT is only synonymous with CZ’s tweet. So, it reminds you to be careful when investing.
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