Crypto Market Capitalization To Reach $1 Trillion, Kraken CEO Predicts
Jesse Powell, CEO of the popular American Kraken crypto exchange, stated that the crypto market will increase dramatically by the end of this year. According to him, the total capitalization of virtual currencies will reach $1 trillion in the near future, Coingape reports.
Jesse Powell, CEO of Kraken
The expert emphasized that recently the popularity of cryptocurrencies has increased significantly and large investors began to demonstrate a high interest in bitcoin and other cryptoassets in 2018. Despite the fact that the crypto market experienced a significant correction, businessmen will start investing their funds in this sphere, and market capitalization will begin to grow rapidly, he stressed.
Powell is not the only one to be so optimistic concerning this matter. Last month Mike Novogratz, the founder of the bank of digital assets of Galaxy Digital, stated that he expects an increase in the total crypto capitalization. According to him, it will reach $800 billion. At the same time, the businessman spoke about the growing popularity of digital assets as one of the fundamental factors.
As previously reported, the hash rate of Bitcoin continues to grow rapidly. At the end of August, the total computing power on blockchain of the first cryptocurrency reached 62 quintillion hashes per second.
Anthony Pompliano, a crypto enthusiast and founder of Morgan Creek Digital Assets, stated that bitcoin's rate may drop to $3000 and lose a half of its price. Pompliano rejected his previous prediction that bitcoin’s rate was to reach $50,000 by the end of 2018.