With Bitcoin Surging to $50,000, Cryptocurrency Market Is Expected to Reach $1 Trillion
the cryptocurrency market is expected to hit $1 Trillion in the current year 2018. Despite the fact that Bitcoin has noticeably failed by dropping down to $6000 in the recent days, the industry insiders have a different perspective ahead. In an email sent to CNBC by the cryptocurrency’s head of APAC business development, Thomas Glucksmann, he stated that with the developments in the digital currency market such as its regulatory recognition or the entrance of institutional capital, the prices of the cryptocurrencies will reach new heights. The expected technological advancements include the introduction of the (bitcoin’s) Lightning Network which will boost up the time taken for making transactions.
6th February 2018
In the email on 6th February 2018, he also added that another cryptocurrency backed instrument listed on a known exchange will be brought to recover and shine from the losses. No ETF application has been accepted by far. Exchange-Traded Fund allows people to trade bitcoin without actually purchasing it on an exchange. Last year was a remarkable time for many coins which got a boost in their prices. Ethereum increased over 8000%, Bitcoin rose over 1300% and Ripple went to a high of 32000%.
JAMIE BURKE CEO OF OUTLIER VENTURES Jamie Burke is the CEO of a well-known venture capital firm that aims at Blockchain investments, namely, Outline Ventures. In an email that he wrote to CNBC, it was said that the market is expected to go on a bull run after February. The market is also expected to hit $1 Trillion before switching its focus to market fundamentals. With the difference of view regarding the credibility and fundamental value of cryptocurrencies, some suggest Ethereum can be useful in building new blockchain applications.
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