Bitcoin to Cross $50,000 This Year With Overall Market Cap Expected to Reach $1 Trillion

Cryptocurrency market surely sent chills down everyone’s spine worldwide after a major decline in it’s capital value — but there’s some good news. A prediction by noted experts suggests that the crypto market capitalization levels are expected to touch $1 trillion this year.

The market is slowly stabilizing, after a $500 billion decline in its capitalization, the values are expected to be higher than before by the end of the year. Cryptocurrency exchange Gatecoin’s Thomas Glucksmann said,

Increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and major technology developments will contribute to the market’s rebound and push cryptocurrency prices to all new highs this year.

Surely, cryptocurrency technology has yet to be made more practical and controllable. Governments and top-level companies are devising ways to harness the blockchain goodness and also legalize it in a manner that prevents criminal activity.

By “major technology developments”, Thomas Glucksmann is talking about improving exchanges and faster transaction speeds, specifically Bitcoin’s “Lightning Network” which allows faster data exchange and transfer of funds for “lightning fast” transactions.

Surely, being the largest contributor to the comprehensive crypto-capital, Bitcoin’s price is bound to increase — accordingly, it’s expected to be valued at over $50,000 by the end of 2018.

“There is no reason why we couldn’t see bitcoin pushing $50,000 by December.” — Thomas Glucksmann

Retrospectively, we saw great increases in several coins other than Bitcoin such as Ethereum and Ripple. The recent price fall shows how volatile the cryptocurrencies can be.

Though the past increase in their value was big enough, this year’s increase is anticipated to be even bigger.

Jamie Burke, CEO of a blockchain investing firm said,

We believe after February the market will likely go on a bull run comparative if not greater than last year potentially reaching the trillion-dollar mark before a proper crypto winter sets in where the market becomes more focused on proper market fundamentals.

Planning to buy (or mine) Bitcoins? Now might be a good time to put that credit card to use.

Originally published at techhugger.blogspot.com.