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Changepeng Zhao, CEO of Binance, one of the largest cryptocurrency markets in the world, said the current state of the market was out of date. He also noted that Bitcoin's all-time high price at the end of 2017 was also exaggerated.
2017 "An absolute overrun on the price side"
Speaking at the Binance Blockchain Week in Singapore, the CEO of the Binance Cryptocurrency Exchange, Changpeng 'CZ' Zhao, said that cryptocurrency prices by the end of 2017 had been exceeded.
I think … at the end of 2017, there was clearly an overtaking on the price side … There were a lot of guys who were rushing, very simple projects with very simple white papers. […] Then, of course, while everyone was rushing … once this mbadive rush ended, the price went down.
The year 2017 was marked by an unprecedented rise in cryptocurrency prices. At the end of the year and in January 2018, the entire market had a capitalization of over $ 800 billion when Bitcoin (BTC) 00 was trading at around $ 20,000.
Current bear market a stretch
Expressing on the current state of the cryptocurrency market, Changpeng Zhao said that we are actually exceeding the lower side of it.
"We have been in a bear market for a very long time, probably the longest in history for Bitcoin right now. […] I think for the moment, my personal opinion is that we are currently out of bounds, "he said.
According to the CEO, the sector has made considerable progress and many more people are participating, as well as conferences.
Bitcoinist reported recently that crypto-currencies have seen a steady increase in the number of industry-related conferences throughout 2018.
Zhao pointed out that there is much more development in the field as well, which also explains why he thinks that the bottom is out of date.
An MIT article in early January said that by 2019, the adoption and development of blockchain technologies would increase, as would more institutions and major players.
Do you agree with CZ? Do not hesitate to let us know in the comments below!
Images courtesy of Shutterstock, Bitcoinist Archive
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