Binance CEO Changpeng Zhao (CZ) has recently spoken at the Binance Blockchain Week in Singapore.
There, he addressed the successful 2017 and the tragic 2018 for the crypto space.
He also made sure to proclaim that the crypto market is extremely undervalued at the moment and many cryptos are oversold.
He highlighted that back in 2017, crypto prices went straight to the moon which led to the overbought conditions back then.
CZ explained that the high rise in price triggered new people and projects to appear and after everyone has gotten into this, the prices started declining.
“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.
2018, the year of unprecedented bearish trend
While 2017 was the year of the massive crypto rise, 2018 was the most brutal year that cryptos have experienced. The bears still haven’t left the building at the beginning of 2019 either.
“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, Binance CEO said, as reported via Investinblockchain.
Currently, there are more people involved in the industry, but also much more developments as well.
CZ made sure to highlight again the fact that he’s not usually looking at the prices in the market.
Binance, for instance, is focused on building rather than checking prices so that they become prepared for the next massive wave that’s definitely on its way.
“I’m very, very confident that this space will get so much bigger, we just got to be prepared for when that happens.”
