Market Analysis

As bulls take over the market, Kraken CEO believes the market cap may hit $1 trillion this year

According to Jesse Powell, Kraken CEO, the total market capitalization may hit $1 trillion this year. Powell’s positive statement has graced the industry as bulls take over the market, which has seen most cryptocurrencies experience significant gains. Moreover, Mike Novogratz had stated in July that the market cap will reach $800 billion, but according to him, this would happen in 12 months.

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.

Moreover, Mike Novogratz, a Bitcoin advocate and Founder of Galaxy digital, believes that the market cap will reach around the same level, but according to him, this would take place 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. Further, many private companies have invested in the cryptocurrency industry, thus more capital is being pumped into the industry, which will see the market cap reach $800 billion.

These predictions come as bulls take over the market with cryptocurrencies such as IOTA and Dash gaining 14% and 21% respectively. Additionally, Bitcoin gained 3% in the last 24 hours and is currently approaching $7,000. If the coin’s price manages to break through the $7,000 resistance, it may pick up momentum and move up to $8,566.40.

BTC/USD

Between Jesse Powell and Mike Novogratz, whose prediction do you agree with?

Share your views in the comments section below

coinmag

Having contributed to many leading financial blogs, Ken's love for cryptocurrencies and the blockchain technology has him on high alert on all price developments within the cryptocurrency sphere.

Comments are off this post!