Kraken Exchange CEO Believes Bitcoin’s Ecosystem Will Top $1 Trillion in 2018
Amidst The Market Drop and Fluctuating Prices, Kraken CEO Believes Crypto Cap Will Reach $1 Trillion in 2018
Brokers and exchanges make their money on finding the best options in the market, watching the direction it takes and advising the publish accordingly. They are known for their accuracy in price predictions, which is primarily due to the first-hand access they have to information. Based on the information that CEO Jesse Powell of Kraken has seen, he said that the crypto market cap could easily rise to at least $1 trillion USD this year.
This positive outlook on the market cap is entering around the same time that the bullish market is finally getting some gains. Based on the way that the industry has been in an upswing, Powell believes that these last few months of the year are an opportunity for major gains for many tokens, pulling them out of their lows. Much of his reasoning for the crypto faith has to do with the increased rate of adoption in multiple parts of the world. With more people educating themselves in cryptocurrency, more investors are coming into the market.
Powell’s positive expectancy of the market is echoed by Galaxy Digital founder Mike Novogratz, who predicted that the market cap would reach $800 billion by July next year. He also believes that the increase would be due to the recent adoption around the world, which is demonstrated by the increase in attendance to crypto conferences and crypto businesses.
To further support these predictions, the eToro CEO Yoni Assia had an interview, during which time he described the constant demand that the trading platform had seen with retail investors. With over 8 million users, he said Bitcoin and cryptocurrency demands to be a digital asset class have remained strong, despite a 78% market correction.
The interview, hosted by NewsBTC, showed the following comment from Assia:
“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.”
He continued, saying,
“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.”
Mati Greenspan, who works as an analyst at Assia’s platform, recently analyzed the damage for Bitcoin on the exchange within the last few days. He posted on Twitter to show that:
This chart is sensational…
— Mati Greenspan (@MatiGreenspan) August 20, 2018
With so much interest in BTC lately, and the growing media coverage, it’s clear that everyone just wants their shot at improving profit through a digital asset. Luckily, as more people get into the industry, the market will continue to rise, and will hopefully reach Powell’s predicted market cap.