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Market Musings

Crypto Market Cap Hits $1 Trillion — Some Think It Will Double in Six Months

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Published on:
January 7, 2021

The optimistic perspective comes despite warnings that the crypto markets could be headed for a nasty correction.

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In a big milestone, the crypto sector’s total market cap has now exceeded $1 trillion — levels that have never been seen before.

 

And now, ShapeShift CEO Erik Voorhees has made a bold prediction: this figure will double in under six months.

 

The optimistic perspective comes despite warnings that the crypto markets could be headed for a nasty correction.

 

Many investors will have piled into Bitcoin in an attempt to capitalize on the dramatic gains that have been seen in recent days, but could end up licking their wounds if prices begin to fall.

 

Corrections are generally seen as healthy for the crypto markets because they allow levels of support to be established at lower price levels, meaning that a rally is more sustainable.

 

Voorhees isn’t alone in expecting big things for crypto’s market cap. Back in December, Bloomberg Intelligence’s Mike McGlone had argued that Bitcoin could soon achieve a market cap of $1 trillion in its own right, which would roughly translate into a price of about $54,000 a coin.

 

Let’s assume that McGlone’s forecast comes true. Given how Bitcoin currently has a dominance level of 68.8%, this would result in a total market cap of $1.45 trillion once Ethereum, XRP, Litecoin and other altcoins are taken into account.

 

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