Experts Say Get Ready For A Trillion Dollar Crypto Market, $50K Bitcoin
After about a month of mostly negative news, it’s now the right time to be bullish. According to experts, the cryptocurrency market could go on a bull run this year on a scale greater than that of 2017’s. In addition, the world’s most popular online currency Bitcoin’s price this year has the potential to break past last year’s high of more than $19,000.
Cryptocurrency To Balloon Into A Trillion Dollar Market
At the moment, the cryptocurrency market is a far cry from its previous height last year. In fact, the entire market was valued below $300 at its lowest point during Tuesday’s trading. For comparison, that’s a staggering $550 billion decrease in value compared month ago level when the market was valued at $836 billion on January 7.
However, that’s not the news investors should be focusing on. Instead, experts say that the next bull market for cryptos is now on the horizon.
In fact, experts are so optimistic that they already put an estimate on how much the entire market could balloon. According to Outliner Ventures CEO Jamie Burke, cryptocurrencies could experience another bull run this year on a scale that would even dwarf 2017’s record. In fact, the market could easily regain the $550 billion contractions and climb way past the trillion dollar mark.
“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,” Burke explained to CNBC.
Burke’s optimism is shared by other experts as well. For instance, Gatecoin’s APAC business development head Thomas Glucksmann likewise believe that conditions this year could push cryptocurrency prices way past 2017’s all-time high.
“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,” Glucksmann told CNBC via email.
Bitcoin Reaching $50,000 Is Possible
We all know how well the online currencies performed last year. Bitcoin rose by almost 1,300 percent, Ethereum by over 8,000 percent and, most the spectacular performance of all, Ripple’s value managed to skyrocket by an amazing 32,000 percent.
While those figures are definitely mind-boggling, they are nothing compared to what is coming. In fact, some experts that those records are likely to be broken this year.
But if you want a rough estimate for a specific cryptocurrency, then this expert’s prediction should excite you. Thomas Glucksmann predicts that “there is no reason why we couldn’t see bitcoin pushing $50,000 by December.”
But that’s not the only good news hitting the crypto market. Experts predict that the rally could start earlier than expected. As stated by Burke, the market could recover as early as this month. In fact, we may be already experiencing the beginning of an upward trend.
Just a day after Bitcoin plunged to its lowest this year, the cryptocurrency managed to recover by leaps and bounds. After trading at $5,947, its lowest on Tuesday’s trading, the online money managed to jump by almost $2,000 and traded at $7,900 the following day.
For investors, the bottom line is that the correction seems to be finally over. Now is the best time to prepare for another market rally.