‘Crypto Market Cap Will Hit $1 Trillion by 2018 End,’ Kraken exec says, expert approves
Expert: We should understand that comments from notable figures involved in cryptocurrency field have huge effect on the community and the way the crypto behaves.
Randy Turner, expert and crypto journalist:
The CEO of Kraken, a cryptocurrency exchange, Jesse Powell thinks that the market capitalization has all chances to reach that record by the end of the year. However, the cryptocurrency industry is still on the wane at the moment.
Some of you may have noticed that yesterday the top cryptocurrencies have fallen significantly and ended up in red zone again. IOTA suffered the most falling by 12.61%, Tron had a bad day dropping by 10.55% as well, and, finally, VeChain’s price decreased by 10.32%. These three penetrated red zone the most deeply.
The leading cryptocurrencies have not been performing well, too. The first crypto dropped by 3.81% in price and now BTC costs $6,840. Ethereum lost 6.75% and its current price is $275. The level of Bitcoin Cash has dropped by 6.96% already.
Now, at this point, cryptocurrency market cap is comprised of $223 billion. This number is significantly higher than the same value during the last week. According to Powell, market cap can reach as much as $1 trillion by the end of 2018. Although it seems a tall order for the market at its current state, Kraken CEO stresses on the increased application of digital tokens due to advanced familiarity of users with digital money. The exec poses it as the main factor of the practically insane market cap growth.
Interestingly, the recent report demonstrated that Bitcoin has already overperformed PayPal. Specifically, the total number of transactions with BTC this year worth of $1.3 trillion. This volume is way bigger than the most popular money transfer systems, such as PayPal or Discover, have.
There were other reports that contributed to the optimistic point of view on Bitcoin and cryptocurrency market in general. In my opinion, Kraken CEO might be too optimistic, just like other analysts that predict the BTC price to hit $50,000, $200,000, etc. However, we should understand that comments from notable figures involved in cryptocurrency field have huge effect on the community and the way the crypto behaves. It can be concluded that cryptocurrency market has chances to hit the cap of $1 trillion, but it needs huge support to do that.
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