Market Capitalization of the Cryptocurrency to Reach $1 Trillion Next Year

The total market capitalization of all cryptocurrencies can exceed $1 trillion as soon as next year, says head of Blockchain, the most popular Bitcoin wallet provider, Peter Smith.

At the moment, there are more than 1300 cryptocurrencies in the world. Their total market capitalization exceeds $597 billion. Peter Smith believes that next year this amount could double.

"I think that the total market capitalization of all cryptocurrencies will reach $1 trillion in 2018. I do not know if it will be able to stay at this level, but I am confident that it will overcome it, "Smith told CNBC.

More than 50% of the market capitalization of the cryptocurrency world is attributed to Bitcoin, which indicator is at the level of $313 billion. Next to it, Etherium's market capitalization is just under $70 billion.

Smith's opinion on such market prospects of the cryptocurrency is far from being universal. Deutsche Bank has recently published a report in which Bitcoin was called one of the main threats to the financial market in 2018. However, there are many experts who agree with Smith. Among them is Mike Novogratz, who has predicted that Bitcoin will be worth $40,000 next year.

Also, it is worth noting that Peter Smith's forecasts are by far not the most optimistic: two analysts of RBC Capital Markets Mitch Steves and Amit Daryanani predict that the market capitalization of the cryptocurrency market will be $10 trillion.