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Cryptocurrency market valuation to hit $ 1 trillion this year. The market cap of cryptocurrency seems to just increase. The market cap seems to increase year-on-year.
According to the CEO of Kraken, Jesse Powell, cryptocurrencies would see accelerated growth. They would be able to pull back from the bottom to new highs.
According to him, there are many businesses revolving around cryptocurrencies now. Also, there are many people in the know-how of cryptocurrency is now. This would be the entire cryptocurrency market to cross a valuation of $ 1 trillion.
The current cumulative market cap of the cryptocurrency is currently around $ 417 billion. It was around $ 800 billion. It would be like 25% from the peak, it would be able to hit the valuation of $ 1 trillion.
Regulatory concerns:
The main problem in the growth of cryptocurrencies is the regulatory concern. If the regulatory concerns are not tackled soon, the number of traders, as well as investors in cryptocurrencies, would go on decreasing. This is the reason why the proper regulatory framework, as well as trading mechanisms, need to be involved.
Many of the governments and authorities are working on it. However, it is important for the authorities to create a framework soon so that the traders are able to easily invest.
Regulating ICO's:
ICO's bring into the cryptocurrency marketplace. This is the reason why ICO would not only make the process much more but I make the ICOs much more valuable. Once the ICO's get the approval, they would be better valued as they would fulfill all the regulatory requirements as well. ICO market would be able to add more to the cryptocurrency space. source: CNBC
In the meantime, it remains to be seen as the bottom which is currently in effect. Most of the cryptocurrencies have already bounced sharply from the bottom of the last couple of weeks. If the momentum is supportive and the negative news, most of the cryptocurrencies would rise significantly in the near future. This is a positive news for the cryptocurrency holders as many of them.
