Binance Chief Continues To See Bright Future For Cryptos

Nov 17, 2018 at 0:30

Binance CEO Changpeng Zhao is firm in his belief that the market will witness a crypto bull “sooner or later.”

The chief of one of the world’s top exchanges by market cap draws his optimism from the impressive 2018 performance of Binance whose traders recently drove up month-on-month.

Meanwhile, deposits of bitcoin, ether, and other altcoins have gradually grown as well.

Zhao said the overall cryptocurrency market and his crypto exchange remain to be in a “healthy” position.

In the first half of the year, Binance generated over $3 billion in revenues, opposite the crypto-market trajectory which was on a decline, shedding as much as $600 billion over a nine month period.

Bitcoin has plunged by 70 percent, while XRP and Ethereum have slumped by as much as 80 percent. Most affected amid the market’s current bearishness are altcoins and hyped-ICO tokens which have lost some 90 to 95 percent.

Asked why he remains to anticipate a bull run, Zhao said: “Even if I don’t know what will catalyze a bitcoin bull run, I am certain it will happen. Sooner or later, something will trigger it.”

The Binance chief noted that the market has been pulled too far from January levels but if compared to its movement in the last two years, cryptocurrencies are “still trading at huge volumes” and remain to be perceived good investment.