The Value of Cryptocurrencies Can Hit $1-T This Year
Cryptocurrencies are on track to exceed $1.2-T in market capitalization this year, said an analyst in a note Thursday.
According to CoinMarketCap, the total market value of all cryptocurrencies now is $580,663,666,937.
Currently, Bitcoin, the largest of the lot is trading at: 11,088.1445, +228.149, or +2.10%, as of 4:37a GMT, and the market is open.
“In our view, the strongest use case for cryptocurrencies is financial corridors (transactions, transfers) and those tokens focused on this area should outperform,” the annalist wrote. The biggest winners in that scenario will be Bitcoin and ethereum.
A Key factor driving cryptocurrencies toward $1.2-T in market cap is the rise of institutional inflows in Y 2018.
“Ultimately, we expect institutions to become more comfortable with valuation approaches to crypto, as markets have shown willingness to accept evolution in market approaches,” the annalist noted.
If Bitcoin’s dive this week has you worried, this analyst sees as a floor for the roughly 50% price decline from Bitcoin’s record high of nearly $20,000.
I expect Bitcoin’s major low to be $8,000 and on that mark major buying would come in.
Technical, institutional and regulatory hurdles remain world wide, but clearly the momentum has been established.