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Crypto Market Cap To Hit $1 Trillion In 2018: Kraken CEO


Jesse Powell, chief executive officer of cryptocurrency exchange Karken, told CNBC that the valuation of the entire cryptocurrency market is expected to reach $1 trillion in 2018.

The cryptocurrency market would continue to see an "acceleration" of growth despite the rent pullback, CNBC quoted Powell as saying in an interview at the World Government Summit in Dubai.

The market valuation of all cryptocurrencies currently stands at about $448 billion after it hit an all-time peak of nearly $800 billion in mid-December, according to data from industry website CoinMarketCap.

Last week, one among the Internet entrepreneur twins Cameron Winklevoss had told CNBC while speaking at the CNBC-hosted chat at the Milken Institute's MENA Summit that Bitcoin would one day be worth 40 times price it is now.

Bitcoin, the leading cryptocurrency in terms of both value and market cap, had touched a record high of $19,476 with a market cap of $326.14 billion in mid-December.

Bitcoin market cap is at $157 billion currently, according to coinmarketcap. Forty times this would be over $6.3 trillion.

Cryptocurrencies such as Bitcoin, Ripple, Ethereum and many others have been highly volatile of late with significant daily fluctuations in their prices.

Despite the latest sell-off, the digital currency is still higher by over 700 percent than a year ago. Bitcoin was trading up 7.43 percent at $9,280 as of 8.41 a.m. ET on Wednesday.

Lack of regulation is among the top concerns among authorities as these currencies become popular and their prices surge, alternating with nosedives. Hence, governments, central banks, and top bankers and investors have been issuing warnings of a bubble waiting to burst.

Though cryptocurrencies like Bitcoin have found favor with venture capitalists and hedge funds, the financial market bigwigs have some reservations. J.P. Morgan CEO Jamie Dimon famously called bitcoin a fraud.

Meanwhile, Billionaire investor Warren Buffett has recently had said that he would never invest in cryptocurrency despite bitcoin's enormous rise in 2017.

Investment giant Goldman Sachs also published a note earlier this week suggesting that most digital coins would crash to zero.

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