The number of transactions in the Cryptocurrency market is at an all-time high according to the CEO and Co-founder of Binance Changpeng Zhao.
Popularly known as CZ, the CEO of Binance is confident that the bullish cycle is stronger than the market condition in January 2018 when the number of market orders was at the highest. It is important to note that more orders mean a higher RSI which means that there are overbought conditions. The implication is that a rally is created if all factors are constant.
Changpeng Zhao was speaking during an interview with CNBC Africa’s ‘Crypto Trader’ Ran Neuner (“@cryptomanran” on Twitter). The host was seeking to know whether the April Bitcoin surge is real.
The Binance CEO answered in the affirmative and went further to talk about the Deconomy 2019 conference that was convened last week in Seoul.
The FOMO Mentality Plays a Role In The Ongoing Rally
From CZ’s perspective, there is a fear of missing out (FOMO) mentality that that is driving many buyers to invest in BTC at the slightest sign of a factor that could trigger a rally such as the April fool’s day hoax about the SEC’s BTC-ETF approvals.
The sudden spike in volume shows that there was money waiting for BTC’s bearish cycle to hit the trough of the graph before investors order BTC. The sudden surge, therefore, restores confidence in the market- a fundamental aspect for sustaining a bull cycle.
Stablecoins Transactions At Binance Are Also High
The increase in orders for BTC pairs is also having an effect on the volume of Stablecoin trading at Binance as the CEO reveals after being asked by Ran. In the last few days, more investors have been depositing Stablecoins and the number of orders for Stablecoins is also up.
Stablecoins are very ideal as they cushion holders from unbacked Cryptos volatility which is common due to a number of factors such as regulation or Blockchain technology adoption.
The Number Of Registered Users Is Also Increasing
The number of Binance users also surged in the period and this is being attributed to the Bitcoin rally that has spurred growth and continues to attract new users on the platform. This shows that the Cryptocurrency market is set for expansion not only from a market capitalization perspective but also the number of users.
The Growth Has Been There For Months
The positive developments in the market have been there for weeks but the momentum for growth has radically changed in the last few days.
The Binance team had already foreseen the bulls and the platform had since deployed scalable features to accommodate the change.
About The Deconomy 2019 Conference
Nouriel Roubini and Vitalik Buterin had a heated debate at the Deconomy 2019 conference and CZ is of the opinion that Nouriel does not “approve of” Cryptos. He, on the other hand, agrees with Vitalik and calls the debate a “total waste of Vitalik’s time.”
Meanwhile, Changpeng Zhao is reminding everyone that Binance DEX is launching in the course of the month.