Binance CEO Changpeng Zhao said that the crypto industry is in a much better place compared to 9 months ago when many cryptocurrencies made ATH.
“I actually think the industry is much healthier now than it was 6-9 months ago. People who develop real applications remain in the industry.”
Zhao said that the rise of crypto only attracts people who are speculators. According to the Binance CEO, this was out of scale and a correction was inevitable. “Often, markets go overboard in both directions,” Zhao said.
The total market capitalization of cryptocurrencies reached the level of 3 trillion dollars at the beginning of November, and Bitcoin rose to the level of 69,000 dollars. However, later on, the crypto industry saw a decline.
Especially after the Terra collapse, the industry took a big hit. The collapse of one of the industry’s leading blockchains caused a domino effect.
Zhao believes that the cryptocurrency market should only attract those who believe in technology. For this reason, he also looks at the decline of the crypto money market from a positive perspective.
