Jesse Powell, CEO of Kraken predicts that crypto market cap may hit USD 1 trillion this year. The claim comes falls in line with the prediction by most crypto bulls as they continue to maintain an optimistic approach despite the bear markets.
Powell’s optimism comes as bulls take over the market, which has seen most cryptocurrencies experience significant gains. According to Powell, a massive upsurge could be observed in cryptocurrencies during the remaining months of the year. The same will enable them to pull back from their current lows. There has been a significant increase in the adoption of cryptocurrencies as in comparison to the previous year, more people are aware of cryptocurrencies. This would eventually propel the total market cap to $1 trillion by the end of 2018.
In July, Mike Novogratz, the Founder of Galaxy digital attributed to the same reason and predicted the “https://kryptomoney.com/billionaire-mike-novogratz-cryptocurrencies-reach-20-trillion-market-cap/”>market cap will reach $800 billion. Though according to him, this would happen in 12 months. In Addition, he noted that there has been an increase in interest about cryptocurrencies since people are attending crypto conferences as well as joining crypto-related businesses.
While the dropped price has a quite a few investors worried, it is also to be considered that this also aids in increased retail buying. As more people join the market the industry is sure to swell, may be even to the market cap of USD 1 trillion as predicted by Powell.
Read more: Tom Lee bullishly claims Bitcoin will rise to $25,000 mark by the year end