In a recent interview, Binance CEO CZ believes that the industry is actually in much better shape now than when bitcoin BTC 1.66% and altcoins hit record highs nine months ago. Because the people who built real applications stayed in the industry.
CZ explained that cryptocurrencies are attracting a lot of non-believers into the space, and they are most likely just speculators, which should not happen on a large scale, so an ongoing correction is inevitable.