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.
Trading demand for Bitcoin Increasing
eToro is one of the biggest online trading platforms in the global finance sector with more than 8 million users, stands beside Powell’s prediction as they see a rise in demand for Bitcoin trading. Yoni Assia, the CEO of eToro, revealed in an interview last week that the trading platform has observed a consistent demand from retail investors for Bitcoin and other cryptocurrencies in recent months.
He added that in order for the crypto market and industry to mature so as to establish a foundation for future rallies, the market correction was a necessity. Assia emphasized that despite the 78 percent correction in the valuation of the crypto market. the demand for Bitcoin and cryptocurrencies as an emerging asset class has not declined. Assia stated in an interview with NewsBTC:
“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,”
The impressive demand for Bitcoin on eToro was documented and analyzed by Mati Greenspan, the analyst at eToro. The same was shared on his twitter account a few days back:
This chart is sensational…
— Mati Greenspan (@MatiGreenspan) August 20, 2018