Brokers and exchanges are the best people to guess the direction of markets and their price predictions are usually in line as they have first-hand access to data that gives the picture of the investment trends. Well if this time the prediction of an exchange operator comes true we could be seeing a crypto market cap of USD 1 trillion as this is what Kraken CEO Jesse Powell predicts.
Kraken CEO optimistic as bulls take over the market
Powell’s positive statement of combined crypto market cap reaching USD 1 trillion has graced the industry as bulls take over the market, which has seen most cryptocurrencies experience significant gains. Powell stated that that the remaining months of the year would see cryptocurrencies experience massive gains. Thus be able to pull back from their current lows. The main reason behind Powell’s positive statement is that this year has seen most cryptocurrencies undergo increased adoption, also, many people are aware of cryptocurrencies compared to the previous year. As such, these would propel the total market cap to $1 trillion by the end of 2018.
Mike Novogratz, a Bitcoin advocate and Founder of Galaxy digital had stated in July that the market cap will reach $800 billion, but according to him, this would happen in 12 months. Mike also attributed his prediction to the increased adoption. Additionally, he stated that more people are excited about digital coins and their technology since they are attending crypto conferences as well as joining crypto-related businesses.
Powell prediction could come true as eToro also sees demand for Bitcoin trading rising
Last week eToro CEO Yoni Assia in an interview had said that the trading platform had seen consistent demand in recent months from retail investors for Bitcoin and other cryptocurrencies. Assia, who oversees one of the biggest online trading platforms in the global finance sector with more than 8 million users, said that market correction was necessary in order for the crypto market and industry to mature, establishing a foundation for future rallies. He emphasized that the demand for Bitcoin and cryptocurrencies as an emerging asset class has not declined even after the 78 percent correction in the valuation of the crypto market.
Assia said to NewsBTC in an exclusive interview
“In our view, the recent market correction is good for the long-term development of the market. Cryptoassets are still a relatively nascent market; emerging technologies like this often see swings in their value in the early days. Market adjustments like those we have experienced recently help to stabilize prices and make the industry more robust. Despite these adjustments, however, we have not seen a significant dip in demand for digital assets.”
“As the market matures, more investors are expanding their portfolios to include cryptos, while new investors are opening portfolios to trade crypto assets. We do not expect this demand to slow down any time soon, as more people recognize the potential of crypto assets,” Assia stated.
Mati Greenspan, the analyst at eToro, had analyzed the impressive demand for Bitcoin on eToro a couple of days back.
This chart is sensational…
— Mati Greenspan (@MatiGreenspan) August 20, 2018
With growing BTC interest and so much media coverage, everyone wants to have a piece of cryptocurrency and dropping prices have just aided the retail buying. As more and more people get into the industry the market will definitely swell and will make new highs
Will BTC interest continue to rise and the market cap will reach USD 1 trillion or all this will it fizzles out? Do let us know your views on the same.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.