Cryptocurrencies will hit $1 trillion market cap says CEO of Kraken

This year the Cryptocurrency market will reach a total value of $1 trillion, according to the CEO of the top digital currency exchange.

Jesse Powell, founder and CEO of Kraken, said in an interview to CNBC: “You’ve got a lot more kids graduating from crypto programs at universities now. I think we’re just going to see it continue exponentially from here.” He also said that the Cryptocurrency market would continue to accelerate as it is currently proving.

When asked whether he thought the market capitalization of all cryptocurrencies would hit the $1 trillion mark in 2018, Powell agreed.

Similarly, JP Morgan who has also been a harsh critic of Bitcoin and cryptocurrencies added some more relief to the crypto space yesterday after they made a publication stating that cryptocurrencies are unlikely to disappear.

The current market cap of all cryptocurrencies stands at around $417 billion, according to data from industry website CoinMarketCap. It hit an all-time high of more than $800 billion in early January, before falling dramatically as a result of a huge Cryptocurrency sell-off.

Final Opinion:

Traders have been worrying due to regulatory signals recently by government ministers in South Korea and India. However, Cryptocurrency enthusiasts seemed to be mostly positive about a hearing on cryptocurrencies held by the US Senate Banking, Housing and Urban Affairs Committee last week.

The prediction made by Powell could happen sooner than expected by many.