Top Trader Explains How Crypto Cap Can Hit $1 Trillion
However, one trader has come out to give a surprising catalyst for the growth
Experts Continue To Guess The Next Propeller For Crypto Market Growth
Top cryptocurrency trader Nick Tomaino has claimed that the market capital can hit the $1 trillion mark based on speculation. Tomaino is the proprietor of 1Confirmation.
Speaking during an interview with CNBC, Tomaino stated that any speculation around the integration of cryptos in the mainstream sector can lead to an increase of the market cap from the current $200 billion to the trillion dollar mark and above. He said the idea can be propelled by the notion that sector offers a huge room for adoption.
Towards the end of 2017, the cryptocurrency sector witnessed a spike in value which pushed the entire market cap to stand at $800 billion. The trillion mark might be around the corner due to the expected entrance of institutional investors.
Tomaino said that any small trend in the sector can propel investors to join the industry. He pointed out that currently, we have trust issues regarding agreement currencies and a cold shoulder from banks and policymakers in many parts of the world.
Studies by notable bodies show that the crypto sector is gaining traction among groups such as millennials. This group is showing interest in emerging technologies and other options such as fintech apps. In his own view, we might have drifted from institutions to peer to peer platforms something that drives clients to decentralize financial systems.
Despite the market slump witnessed in 2018, the crypto sector is growing especially in terms of infrastructure and institutionalization. At the moment, many are working to eliminate the issue scalability and instability that has come as a result of open source developers.
Tomaino further said that structures and software used in the industry have been improving. He credited the improvements as the reason behind market stability. The stability is a key player in terms of bringing on board investors and more traders.
In 2017, the spike was largely attributed to the fear of missing out and experts opine that it will not be the same case this year. The fear was demonstrated by private investors. Also, hedge funds jumped into the sector over this fear.
The crypto market volume is expected to grow alongside trading activity due to introduction OTC brokerages. Influential crypto investor Mike Novogratz is on record stating that the value of the industry can only grow if institutions can start trusting cryptos.