“Cryptocurrency Market Could Double In Six Months”
ShapeShift CEO suggests that while total value of cryptocurrency market has seen $ 1 trillion as of today, $ 2 trillion is not that far away. It takes 10 years for total value of the sector to reach $ 1 trillion, while next $ 1 trillion can be collected within 6 months, according to the CEO.
Total value of cryptocurrency market has exceeded $ 1 trillion, thanks to the ongoing Bitcoin rally and subsequent altcoin rises. Erik Voorhees, CEO of cryptocurrency exchange ShapeShift, has given the market a 6-month deadline for the next $ 1 trillion to come. Voohees, said in a tweet that it took 10 years for cryptocurrency sector to reach $ 1 trillion in market value, noted that it may take less than 6 months to reach $ 2 trillion.
If Voorhees ‘ estimate holds, BTC’s market cap could be $ 1.4 trillion
Bitcoin (BTC) and Ethereum (ETH), two largest cryptocurrencies by market capitalization, have made the list of the 100 largest assets. According to many market monitoring platforms, it is ranked 8th or 11th, above the giant names such as BTC, Visa and Mastercard.
Bitcoin continues to dominate the market by about 70%, while with Voorhees ‘ estimate of $ 2 trillion, BTC’s market capitalization could reach 1.4 trillion. Bitcoin’s price has exceeded 38 thousand dollars, and its market value is located at about 715 billion dollars.
Share of cryptocurrencies in all currencies in the world is based on 1 %
Market value of a company’s stock is calculated by multiplying the total number of shares and the current price of each share. For the cryptocurrency sector, this value exists by multiplying the total number of coins in circulation and the current spot price of each coin. It is known that there is about $ 95 trillion worth of money in the world today. With a market capitalization of $ 1 trillion reached today, the share of cryptocurrencies in all coins is also based on 1%.