The CEO of the world’s largest cryptocurrency exchange in terms of traded volumes – Binance, has said that the current bitcoin price is overshooting on its lower side.
2017’s ATH Bitcoin Price Was a Stretch
Speaking at the Binance Blockchain Week in Singapore, Changpeng Zhao, the chief executive officer of the world’s leading cryptocurrency exchange, Binance, shared his take on the cryptocurrency landscape.
According to him, the all-time high (ATH) values of numerous cryptocurrencies, as well as the state of the entire market at the end of 2017 were definitely stretched out.
I believe… at the end of 2017, there was definitely an overshoot on the price side… There was a lot of guys rushing in, very simple projects with very simple whitepapers. […] Then of course as everybody rushed in…once that massive rush-in finishes the price declines. – He said.
The end of 2017 and the beginning of 2018 saw the entire cryptocurrency market skyrocket, reaching a capitalization of well over $800 billion. Bitcoin (BTC) saw its price mooning up to $20,000 in January 2018.
Current Prices Also an Overshot
Without providing any particular predictions, Zhao said that the current bear market is also overshot:
We’ve been in a bear market for a very long stretch, probably the longest in history for Bitcoin right now. I think right now my personal view is that we are actually overshooting on the lower side now.
The reasons for this he finds in the continuous development which is taking place in the industry, as well as the increased amount of events and people involved.
There are more people in the industry, there are more people working in the industry, there are more people attending conferences, there are more conferences going on. – Said Zhao.
My Bitcoin News recently reportedthat cryptocurrency exchanges have marked a record 2018 according to a study released by Diar.
What do you think of the current state of the industry? Do you think 2019 will be better? Do let us know in the comments below!
Images credit to CoinMarketCap