Binance CEO Changpeng Zhao expressed doubts about whether the 2018 crypto correction phase is over. Speaking to Bloomberg, he explained that cryptocurrency is a speculator's area and its volatility should come as no surprise to anyone.
He also noted that blockchain applications are of great importance to the field.
I think the price is an attractive target for many speculators. But the industry will grow with developers creating apps, and this will drive adoption of cryptocurrencies in the long term.
The intense euphoria of 2017 increased the value of almost all crypto assets tenfold, including Bitcoin, which reached $20,000. Users also invested in a series of new blockchain projects that promised to “revolutionize” the digital space with their applications.
However, most of these projects failed to even build the alpha version of their ambitious plans, resulting in investors' money going nowhere. As a result, the crypto market was hit so hard that many thought it was dying.
Changpeng believes the market has survived thanks to developers creating user-friendly apps, regardless of where the price is going.
Meanwhile, the cryptocurrency market is eyeing a potential bottom after recovering from about $100 billion to $128 billion over the course of the week, CoinMarketCap.com reports. Almost all top coins, including Bitcoin, Ethereum and Bitcoin Cash, are expected to show a synchronized recovery.
This is in line with Changpeng's predictions for the market. He is confident that 2019 will be a year of recovery, and even announced on his page that the Binance exchange will launch 10 more fiat-backed crypto exchanges around the world.
According to ccn.com
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