The cryptocurrency market looks set to top a trillion this year, according to Jesse Powell, CEO of major exchange site Kraken.
Powell believes the exponential growth we saw in 2017 will continue this year, citing the increasing number of ‘kids graduating from crypto programs at college now’ as a driving factor.
$417 billion and growing
Right now, the crypto market is worth a little over $417 billion, according to CoinMarketCap. So, if Powell's corrections are correct, the market would have to more than double in less than eleven months. This is by no means out of the question for the notoriously rallying but unpredicatable market.
Though confident in the crypto market's future, Powell told Kraken users to look after number one when it comes to investing. Kraken routinely handles around $300 million worth of trading a day. CoinMarketCap rates Kraken as the world’s eighth largest exchange per market cap.
“I think ultimately consumers need to look out for themselves”, he said.
“Look into the fundamentals and [don’t] rely on any particular exchange to protect them from market volatility”, he added.
"Almost certainly not a scam"
Although Powell warned against blindly trusting an exchange and not properly researching coins, he also said that every virtual coin featured on the Kraken exchange was “almost certainly not a scam”.
On Monday, EU regulators branded cryptocurrencies bad investments, describing them as ‘highly risky’ assets. Debate continues over the credibility of cryptos.
Meanwhile, new tokens are launched on an almost daily basis with many raising millions in a matter of days or even hours, via ICOs (initial coin offerings).