Binance CEO Thinks the Crypto Bear Market Should Be Over Soon
This prediction came after the leader of the world’s most popular cryptocurrency exchange commented on data in a recent tweet that showed Binance’s exchange token, Binance Coin (BNB), as the only top-50 cryptocurrency still positive in 2018.
wow, honored. Don't worry, I think the cycle should be complete soon, given the mainstream news coverage of events. Understand blockchain and crypto is not going away, other than the non-believer speculators that was shaken out (they will come back), adoption is increasing. https://t.co/lI3BkMRbt9
— CZ Binance (@cz_binance) August 23, 2018
We separately reported last week that despite the massive downward market pressure, BNB has performed relatively well and is up around 15% this year. Since hitting an all-time high of $24.91 in January, BNB has retreated nearly 60% to $9.64. While in any other market this would seem like a total collapse, BNB has actually outperformed every other major cryptocurrency this year.
The bullish price action amidst a massive market decay is in part due to the fact that Binance has used Binance 20% of its profits to buy back BNB and destroy them every quarter. They will continue to do so until 50% of all the BNB (100 million) removed from circulation.
This relative success of the exchange token has resulted in at least 90% of Binance employees to accept their salaries in the cryptocurrency, according to recent reports.
BNB is currently ranked 15th in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, and first in the AltDex Exchange Token Index (ALTEXC), where it constitutes 35% of the benchmark index.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.