Binance CEO Changpeng Zhao commented on the volatility of Bitcoin (BTC) and said that the largest cryptocurrency by market value is likely less volatile than the stock prices of similar large companies by market capitalization such as Apple and Tesla.
Woobull data shows that Bitcoin’s 60-day volatility has been steadily declining since early 2021. However, data from investment research portal AlphaQuery shows that Tesla and Apple share prices were still less volatile for 60 days over the same period.
BTC fluctuations in 60 days thanks to Woobull charts
In an interview with Bloomberg TV on Monday, the CEO of Binance stated that the volatility of cryptocurrencies is no different from the situation in the stock market, and added: “Volatility everywhere […] is not unique to cryptocurrencies.”
According to Zhao, comeback hunters who do not adhere to crypto projects as true believers are often accused of price fluctuations due to their sheer number.
“There are always more people with a herd mentality than people who really do serious research.”
“Every time some negative news comes out, [the flock] runs away, and when positive news comes out, they try to rush and cause more instability,” Zhao said.
The management’s characterization of cryptocurrencies as “stupid fans who really understand and love the project” is consistent with his previous comments about his own behavior in the industry as a whole.
Back in April, Zhao revealed that he owns almost 100% of his fortune in cryptocurrencies.
The cryptocurrency market is showing tremendous growth on Monday, with total market capitalization exceeding 4.5% in the last 24 hours.
Ether (ETH) rose to $ 3,000 for the first time in history, making it the highlight of the day, especially among the top 10 tokens with the best market value ratings.
Bitcoin appears to be testing the $ 60,000 level for the first time since mid-April, followed by a slight correction below $ 50,000 on April 24.