Despite all the bad news around cryptocurrencies that raised a bearish trend on the market recently, experts believe that new sky highs are on the way. The Bitcoin price could increase to $50,000, with the cryptocurrency market reaching $1 trillion this year.
According to Thomas Glucksmann, head of APAC business development at cryptocurrency exchange Gatecoin, and Jamie Burke, CEO at Outlier Ventures, the cryptomarket may overcome the $1 trillion mark, as other cryptocurrencies also see significant gains.
"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,
According to Glucksmann, there is no reason not to see bitcoin ending up at $50,000 by December. The technology developments he referenced include bitcoin's Lightning Network, which would enhance the very slow transaction speeds using the cryptocurrency.
The cryptocurrency market cap recently fell below the $400 billion mark, as the bitcoin price went down to a little over $6,000 before its price started to get gradually back.
Today, February 8, Bitcoin price is at the rate of $8,451 according to Coinmarketcap.
The release of a cryptocurrency-backed instrument listed on a major exchange may help cryptocurrencies, including bitcoin, to recover from the previous recession. As both CME and CBOE already set off bitcoin futures, Nasdaq recently opened up that it is “continuing to investigate” these products.
The latest significant cryptocurrency sale took place after huge price rises for many trade coins last year. Bitcoin gained nearly 1,300 percent, while Ethereum went up over 8,000 percent and Ripple passed over 32,000 percent.
Moreover, Jamie Burke, CEO at venture capital firm Outlier Ventures, reported that the amazing coin price growth the cryptocurrency market witnessed last year may be topped this year.
"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."