The crypto market has had a positive start to the week with a number of major coins posting solid gains. This has lifted the value of the entire market by 0.5% over the last 24 hours to US$212.8 billion according to Coin Market Cap.
Some cryptocurrency investors and traders are also hoping the price of bitcoin will return to (and even exceed) the near $20,000 price per coin it reached late last year.
Now, the reputable chief executive of bitcoin exchange Binance, Changpeng Zhao, has said he anticipates another bitcoin “bull run” to take place “sooner or later”, telling CNBC: “Even if I don’t understand what will catalyze a bitcoin bull run, I am certain it will take place … Sooner or later, something will activate it.”
According to Zhao,
“Compared to January [of 2018], we are probably down 90 percent. So we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, we’re still trading at huge volumes. Business is still okay, we are still profitable, and we are still a very healthy business,”
Binance has also revealed it is opening its doors to institutional investors, laying the groundwork for capital that many in the cryptocurrency sector are hoping will soon arrive from institutional investors as well as high net individuals.