The Binance founder and CEO, Changpeng Zhao is saying that the top performing cryptocurrency is still in a favorable market position despite the 70% decline it has compared to the token’s value at the end of last year.
In an interview with cryptocurrency research reporter, Zhao stated that the crypto eco-system is strong in factors such as volume, infrastructure, and trading and that Bitcoin has increased in price and public interest compared to this time a year ago.
Speaking with authority, Zhao backed up his view with trading and market prices over the time.
“BTC price was $2500 USD a year ago, today $6800 USD. Trading volume for BTC was $780 million USD a year ago, today is $3.4 billion USD. There you go.”
@cz_binance told me the crypto market is bullish compared with a yr ago when bitcoin was around $1000 and trading volume was 1/10 of today. What do you think? More scoops in Next: Blockchain docuseries. Check out https://t.co/B9YAQKlOJu for weekly exclusive videos and articles. pic.twitter.com/KZOZ8Jr0r7
— Bianca Y Chen (@BiancaYijiaChen) July 8, 2018
Comparing the market from last year this time to today, there has been a major increase in the infrastructure in place and there are more basic features for retail and institutional investors. One can see the growth in networks such as Coinbase Custody, which is an institutional platform which offers hedge funds, pensions, and academic institutions the option to buy digital currencies.
Furthermore, there has been an increased interest from big-named banking institutions such as Goldman Sachs and JPMorgan who have already released their designs to invest into the world of cryptocurrency in order to offer their clients the option for virtual trading.
Currently, Bitcoin’s value has trickled down day-on-day by -0.34% and is trading at $6,790.78 USD.