Bitcoin Forum

As per CZ's tweet.

https://i.imgur.com/f8o93av.png

https://twitter.com/cz_binance/status/1295391650554867713?

It seems that we are somewhat along the beginning of the market bull run, comparable to 2017 as per CZ. Definitely a sign of things to come. Needless to say, this 2020 will end in a bang, but a new all time high will more likely hit 2021-2022. So hang on to your BTC.

I believe he is not talking nonsense, which means a lot of interest from new people coming to the crypto market now, maybe because people put their money in a pandemic like this because of Covid-19, so people would rather invest their money in bitcoin than in gold , looks like it will explode in the next year, I will continue to hold it in my wallet

We won’t see it, but it would be interesting to see an evolutionary breakdown of this ATH traffic by concepts such as unique IPs and geographical areas of origin.  The former would go towards discarding trading bots being behind (or at least, narrowing down their influence in the numbers). The latter is interesting per se.

Not only that since the last few months we have seen how the BTC is climbing , resistance is bound to happen but I do believe it's an easy factor , right now people can buy and wait for the bull run to come .
Also with the Bitcoins being tokenized there have been trading faster than ever between the ERC20 and BTC , incoming support is not just from Bitcoin holders but from the holders of the Etherum too.

Most of the sites have concept of excluding the bots from even reaching the platform and when they see suspicious activity they general block it and at the same time there have been new updates where even VPN is blocked from many , therefore I do think when it comes to trading bots they are already having a hard time.

Support is not just from Bitcoin holders but it's also from :
Etherum holders ( due to tokens )
Gold holders (Because of the recent surge in gold prices)
People with excess stimulus bill waiting to be Invested ( In Japan people are doing that)

Many more ...

This is not a surprise at all since Binance is one of the top exchanges in terms of daily volume and I guess there are many factors that contributed to this ATH in system traffic and some of them are the following:

1. user friendly interface / ease of use.
2. high volume trades
3. high liquidity
4. good security infrastructure
5. good community relations
6. good customer support / service
7. optional KYC requirement

These I think are just some of the reasons why a trader would prefer Binance over other exchanges thus enabling growth in customer base over the past years.

Disclaimer to those who are too excited: High website traffic doesn't automatically mean that there will be a new all-time high. It could just potentially mean that there are more traders today than before(both actual traders and bots that use the API).

How big were Binance at the end of 2017? They were still pretty new then.

I can imagine there may be bursts that are bigger than then and then it'll fall back. There'll be more people lurking who are inspired to join in with brief runs.

If there's to be a proper bubble type thing I'm curious to see how the main platforms will cope. They could have multiple times more strain and not many will keep the people and resources in reserve when things are dead just in case it happens.

I remember Cryptopia moaning about going from 30,000 users to over 1 million in a few weeks. You don't magic up competent employees and better back end out of nowhere, and not in a few weeks either.

It is just me or someone has a feeling that CZ is somewhat sending a subliminal message with that tweet. LOL.

Will be interesting to see the breakdown of numbers though, specially coming from exchange as big as Binance. Where is the traffic coming from? how many "new" traders are signing and making at least one trade? I remember when Binance started their exchange in 2017, newly launch prior to the break out run. They need to shutdown their site because of the enormous numbers of sign-up and their system has been overload.

It seems like everyone in Twitter is very bullish nowadays.
More system traffic in a trading platform means bullrun? I doubt that. I'll consider a bullrun If a lot of people were buying Bitcoin and store it in their wallets than an actual rise in number of traders. Of course with the whales doing massive buy outs as well.
Nevertheless, Btc seems in a bullish motion.

Just as I also thought. This is like encouraging more traders to engage with their platform because Btc and alts are heading to an upward movements to a potential bullrun.

Well he needs to, bitcoin or crypto in general is what built Binance and with the market being bullish, he needs more traders in his platform, win-win situation for him.


Not just in Twitter, but everything crypto related is bullish just look at the supposedly fear and greed index. It's mostly, "Extreme Greed", lol.

https://alternative.me/crypto/fear-and-greed-index/

The big chance to see more to come in the next following years, if the patterns still the
same after the halving season happened.
The market seem to be more matured now and not just speculative but there are more
investors now who understand the concepts.
Much deeper knowledge much better support that it will bring to this industry, expect more
good things to come inside this market.

If cz claims they are experiencing an ATH in terms of system traffic I believe him, we may not see it but I believe in every newbie in crypto the first thing they do is open an exchange account and knowing binance for it's popularity and user friendly interface it is very easy to recommend, plus I think lots of people now realize crypto as a second alternative in terms of investment thanks to the pandemic, despite the rocky start of 2020, I think the end will be satisfactory.

In most cases, this is because of the more popularity and more good news we see about BTC nowadays from implementing adoption and lifting the banned from the other countries. All of that happening was only this year (2020) which may sound a bit awkward but it's the reality. Although we see some messed up with the other industries in the world, we saw that the crypto industry is flourishing. Now we will see in this upcoming last quarter of the year if there will be other good news to come. That will make it to the bull run in the next year. If there will be no big changes in the market this year caused by negative events.

Changpeng Zhao is mixing up price prediction and his site's traffic as if it is correlated to one another and I know he is aware of it just to hype things up in the industry. With his expansion in everything especially the acquisition of coinmarketcap this might be the cause of them having more traffic right not as compared to 2017, it doesn't mean that this increased in site visitors will be all translated into a demand that can trigger a bull run. CZ just tweeted this like I said to hype up the market and connecting to things hoping that the rest will think the same.

This could might a source of hype to anyone who read this tweet and he is the most influential in crypto space, which has now given this statement and we know that this prediction might happen as what he predicted. Binance exchange it seems the most trader's choice because of their unique feature and good service. They had a good appeal in crypto community due to the trust they have gained.

Probably CZ was right, the most anticipated trend is the bullish trend and I believed in CZ statement that there will be a new ATH sooner or later. Binance will help the market on this way.

like always he sees a hype and uses it to advertise his business and make money.
as for the traffic, i would only believe it if i saw it with my own eyes. not to mention that even if it were true such traffic increase had nothing to do with bitcoin. it is all about the huge number of shitcoins they have listed on their platform which are now being dumped as investors pull out to come back to bitcoin that is increasing in value.

There are a increased number of people buying and trading crypto. That doesn't necessarily mean more money coming in but certainly means the interest on crypto and it's adoption is on rise. The Binance too was not as much popular as it is now in 2017 and the increase in traffic could also be a binance specific thing. It's overall a time for ATH for last two years. And Its obvious that an exchange owner would like people to trade more, it's his job to keep hyping the market. Nothing wrong on that.

The market had shown a great signal of comeback from the slums in last three weeks, actually we don't know what the future holds but great market analysts had highlighted the second all time to be in 2020.
Having a great traffic on ATH actually signifies a huge demand in it and its not a bad idea to implement new features causing that kind of traffic and that should be the main target to CZ in implementing some absent feature like what @bitsurfer2014 mentioned above especially number 7: Optional KYC

It’s great to see such strong adoption despite the fact that bitcoin is currently “slow” and “expensive”.

I’m curious how you came to the conclusion that bitcoin won’t reach ATHs until 2021 or 2022 ?

What I see from the tweet? If one person are fomo and currently get losses because of fomo, let keep holding the asset and wait for later recovery. I meant if the asset is not from scam project and the bought price is not at x10, x100 (like YFI - I am sorry you will get loss) from the bottom. The full bull market will help almost all project recover well from bottoms and they will do set up higher peaks soon.

Don't scare too much and panic too much if you are currently get paper lost. Be confident, hold tight and get your capital back. If you are lucky, you even will be able to enjoy some profits.

ATL for their wash trading, whatta wicks they got on futures market, totally insane wicks.

System traffic since we are on the pandemic, remember it isn't over yet. Hanging out to some selective alts are good choice too, 1000x or more are really juicy. Hope CZ provided more info on that tweet even a comparison as he stated.

Binance's huge trade volume to date is evident of this high system traffic hence the reason why CZ got so excited to tweet about it and that maybe he is implying something that might occur similar to the December 2017 event.  :)

https://coinmarketcap.com/rankings/exchanges/ (https://coinmarketcap.com/rankings/exchanges/)


I doubt Binance will ever share those kinds of data to the public since they treat them as sensitive information and such disclosures might even benefit their competitors.

Aside other influential social twitter users. Cz is one of the composef funny tweets that somehow affect the markets. I remember that when he announced the next IEO on binance with a tagged of #DefiIEO the price of bnb surges. But now there is an incident of malfunction on the binance network during the time he tweeted it probably to change the issue and migrate to the market sympathy. He knows when to do a life saving move for his exchange.

Im not really that much being attached to news but CZ wont give out information if it didnt really reach out in terms of system traffic.From that piece of information then we can really picture out
that there would be something that will happen in next months or on this year since it did really compare that 2017 bull run but well it isnt an assurance and people shouldnt really be that careless
for them to get FOMO'ed but at least these words can already give out some hints that we are possible heading there but as an investor always take precautionary measures so that you wont
get burned.

That's a good sign no doubt. We may see another ATH in near future. I have also seen a lot of newbies are entering into the market in different social media platforms I'm active in. May be it's because of the recent price pump. However, it would be interesting to watch the data comparison, had he shared.

I don't think that Binance will share the information though, too much to give specially for their competitors. Of course, as crypto is beginning to be in major news, more newbies are going to FOMO similar to 2017 massive price increased.

But CZ shouldn't tweet it though, I mean its pretty obvious as the price is really on the $12k now despite the pandemic around. So I would agree that he is like promoting bitcoin and his exchange and wanted to remain on top of the food chain.

I have done analysis and predictions that are often laughed at by other people here (https://bitcointalk.org/index.php?topic=5043315.0), I have said that history will repeat itself where the market will be bullish again after the bitcoin halving and it will move for 1 to 2 years, to be precise nearing the end of 2020 also next year 2021, but coming back to people who believe in that because before the market was bullish when the bitcoin halving 2016 and then to 2017, I think CZ made that tweet because he believes in that history too

It's pretty much just social media publicity. We all know that there are a lot of people holding cryptocurrencies that have been waiting for a bull run for a while now, and such tweets will most definitely give these bagholders more confidence; ending up with CZ gaining a good number of likes and re-tweets. Heck, he could lie about it and it wouldn't matter because there's no way for us to know for sure if it's a fact or not anyway.

and well.. he surely did get what he was probably expecting:

Is that in relative or absolute terms?

I've seen CZ state on numerous occasions that the Binance matching system and front end servers have been upgraded to handle more load.

Presumably this increased bandwidth stacks up over time, so unless there has been a truly dramatic increase in usage, Binance should still be able to handle the load.

Either way, I don't think network traffic is a guaranteed indicator of a bull market, as load also increases during bearish sell-offs too.

Could something big really happen later this year? Alright, let's see, especially Shizu said that. Indeed, so far there have been many predictions stating that there is a bullrun that surpasses the previous ATH. but I don't think it will happen this year. it's just that, we'll see the future because it's still August. Of course, everybody will expect for this after a long time period. So, this is the time for buying more coins when the price is still at this rate? Be better to make analyis again in order not to panic

And we will see more likes and re-tweets of that. But actually such move will be good in the crypto community. As noncrypto users will take a second look and may further dig more about crypto and later on end up as avid crypto user. That means CZ is also paving the way for crypto adoption. So whether it is a bluff or not, in some way, it gives confidence to the crypto community. Because we need educated crypto user rather than user who is jumping on the hype without a clue of what's going on.

If what CZ said is correct, it is possible that later this year we should be able to see that ATH prices can be achieved.
So it is more interesting to keep track of price movements in the market, and we should also start collecting gradually
some potential coins from now on. When it turns out that at the end of this year, ATH prices can be achieved, we can
enjoy big profits.

We can be hopeful about that but never expect too much. It never says that because of heavy system traffic we are about to think Bullrun, this it only means that trading volume and the number of traders are massively increasing but not the price itself.
What CZ says means that he encourage people to use Binance nothing more.

Of course, Binance did something grateful and this achievement could be of some big consideration to choose.

he owns an altcoin exchange which even though has bitcoin markets too they are mainly against tether and generally Binance as an altcoin exchange has no effects on bitcoin and is not an indication of its future.
not to mention that the increased traffic can very well be because of all the altcoin pump and dumps that have been heating up lately and will disappear soon too.

The tweet of CZ does not provide too much details. Higher but how higher the traffic is compared to 2017 traffic stat? The traffic statistics between two time points should also be standardized with total registered/ active users on Binance at the same time.

If the total users on Binance in Dec. 2017 is 1 million, eg. and now it is 2 million. It means the users has doubled but the traffic now is only 1.5 fold than 2017's traffic, it does not make much sense.

Every ATH (All-time-high) was linked to some significant event... and the 2017 all-time-high was linked to the ICO Boom at the time. So let's ask ourselves this question  : What significant event happened lately to justify bigger trading volumes? The only significant thing that has happened, was the spike in the Ethereum price and Bitcoin recovering to levels above $12 000 again.

So, in theory ...if some Ethereum traders are selling for a profit and buying bitcoins ...then this sudden increase in the trading volume would be explained. Also take note that the previous all-time-high showed massive spikes in trading volume on MOST exchanges, not just one or two of them.  ;)

Let's be vigilant for possible market manipulation and hype in social media, because that only attract speculators to the Bitcoin market and we know how that ends. (Hint : 80%+ drop in the Bitcoin price since 2017)  ::)

https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/

i believe that this ambiguity is intentional and i like what @mk4 pointed out above, this looks like another publicity stunt to me too. CZ has taken advantage of similar situations in the past to advertise Binance many times before.
BTW i think in 2017 Binance wasn't that popular and didn't have that much customers to begin with. it was mostly in the second half of 2017 when the previously #1 exchange started scamming its users that Binance grew (users migrated form the scammer to a new exchange that hadn't scammed yet).

I would say is already a bull market, since we have seen a lot of coins going up x20 in term of USD price. Maybe is not as big as the 2017 was, but is here in my opinion.
As for the Binance CEO tweet I think the traffic is the result of Coinmarketcap acquisition since he promotes his exchanges in there heavily.
This can be confirmed by his own statement: “CoinMarketCap has more users than any other product in the crypto space,” Zhao said. “Even though their money generation mechanism is not as strong as Binance, they do have the users – it’s a very valuable platform.” (source: coindesk.com (https://www.coindesk.com/binances-coinmarketcap-acquisition-is-a-bet-that-crypto-really-is-for-the-masses))