The cryptocurrency market had an important growth in 2017, but many experts believe that the market will grow by a lot more in 2018.
Jesse Powell, founder and CEO of Kraken, mentioned that the cryptocurrency market would continue to see a more important growth in 2018. He also believes that the market cap should hit the 1 trillion USD mark in 2018. Even with the bear market, Kraken’s CEO still thinks the best is to come and the market will grow a lot this year.
He told CNBC: “You’ve got a lot more kids graduating from crypto programs at universities now. I think we’re just going to see it continue exponentially from here.”
Like Mr. Powell said, there is more and more interest in cryptocurrency especially from the younger generation and many more students graduate from crypto programs. The potential of cryptocurrency and blockchain technology is enormous, that’s why so many people are getting involved in it.
The market cap in early january 2018 hit an all-time high of more than 800 billion dollars, but it dropped recently due to bad news in the market and a huge sell-off. Regulatory signals from the South Korean and Indian government against virtual currencies is one of the reasons why the market dropped that much. Also, three top European Union regulators presented a warning to consumers regarding the risks involved with buying cryptocurrencies.
However, the enthusiasm about the hearing on cryptocurrencies held by the U.S Senate Banking, Housing and Urban Affairs Committee was quite optimistic and positive.
Crypto trend analyst Ronnie Moas said: “We have 230 trillions right now in the world tied up in stocks, cash, bonds and gold. All four of them are overvalued”
“If two percent of that $230 trillion finds its way into cryptocurrency, you would be looking at a $4 trillion market valuation 13 times where we are today.”
By comparing the cryptocurrency and stock markets, we can see there is a lot of potential in this industry and the possibility of an important growth. Regulatory actions on the cryptocurrency market will bring corporate investors in the market, which will bring big money into the market.
The mainstream interest in cryptocurrencies as well as the corporate investors being able to invest in the sector should, according to experts, bring the total cryptocurrency market cap to 1 trillion dollars.