Cryptocurrency market could hit $1 trillion this year with bitcoin surging to $50,000, experts say

laura elley

Contributor
  • Cryptocurrencies could go on a bull run greater than last year and pass the trillion-dollar value mark, Jamie Burke, CEO at Outlier Ventures said.
  • Technological advancements and new investor products could push bitcoin to $50,000 in 2018, Thomas Glucksmann of Gatecoin told CNBC.
  • Investors may focus on so-called "utility tokens" this year which are digital coins that can power blockchain technologies, according to one expert.

Cryptocurrencies could go on a bull run greater than last year and pass the trillion-dollar mark in terms of value, experts told CNBC, following a recent violent sell-off across digital coins.


Bitcoin has seen a huge fall in recent days, dropping below $6,000 for the first time since mid-November. On Wednesday, it was trading above the $7,000 level as the cryptocurrency market stabilized.

At its lowest point on Tuesday, the total cryptocurrency market saw over $550 billion wiped off its value. But industry insiders see another rally ahead.


"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," Thomas Glucksmann, head of APAC business development at cryptocurrency exchange Gatecoin, told CNBC by email on Tuesday.

"There is no reason why we couldn't see bitcoin pushing $50,000 by December."

The technology advancements Glucksmann referenced include bitcoin's so-called Lightning Network, which would boost the very slow transaction speeds using the cryptocurrency.
 

CryptoTC

Crypto Fat Cat
$50k would be huge not only for bitcoin but likely would boost the entire market by even greater percentages.
 

Old Man Crypto

Expert chainblocker
$50k would be huge not only for bitcoin but likely would boost the entire market by even greater percentages.

Which cryptos do you think look to gain when market starts this kind of rise? If bitcoin moves that high, some other ones could follow but for it to go that high regular investors have to buy bitcoin. Some of them might not buy other coins because it’s hard.

Ethereum and bitcoin for sure. Any others?
 

The CC Forums

Admin
Staff member
No one likes me when I say this, but I remain big on XRP. I get that it isn’t a favorite of crypto communities due to its bank ties. But it’s an investment, not anarchy.

And I also own UnikoinGold picked up in the ICO. Beyond those, NEM and Stellar. I don’t own stellar but I’m looking. I will likely also pick up Monero but that wallet is a pain. Maybe DASH but I’m not sure how I feel about the master nodes holding so much of it.
 
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