Is A $1.053 Trillion Total Crypto Market Cap Possible after Consensus 2018?
The fourth annual blockchain technology summit known as Consensus by CoinDesk starts today, May 14th and will run up until the 16th. The 3 day summit will be held at the New York Hilton Midtown. The event will feature over 250 speakers and over 4,000 attendees from a variety of industries. They will include startups, investors, financial institutions, enterprise tech leaders, members of academia and policy groups; all building the much needed foundations for blockchain technology and cryptocurrencies.
This year’s event is expected to shatter previous year’s records in terms of buzz and attendance. Last year the event had around 2,700 attendees, over 125 speakers, 80+ sponsors and participants from over 70 countries around the globe. The 2018 event is sure to double the 2017 numbers given the projections by the event organizers, Coindesk, who will be having the New York Economic Development Corporation, as a co host this time. Notable big companies expected at the event include Microsoft, IBM, Proctor and Gamble, Siemens, CME Ventures, Citi, Scotiabank, KPMG, PWC and many more.
On top of the event excitement, is the possibility of a repeat crypto-markets rally during the event that was also experienced last year. During the 2017 event, the Crypto-markets experienced a 27% gain in overall market capitalization value. This was a major leap when compared with the 2016 marketcap gain of only 2.7% during the event in 2016.
Many traders believe that Bitcoin reached the $2,000 mark last year because of the event. Consensus 2017 is also believed to have brought BTC to the media spotlight and catalyzed a market rally that saw the King of Crypto peaking at $20,000 on December 17th last year.
If the last percentage increment in the marketcap is to go by, the markets surge in 2017 increased by a factor of 10 in comparison to the surge in 2016. Does this mean that the 2018 event will cause a rally that will cause a 270% increment in the total market capitalization? This would mean that the crypto market would be valued at $1.053 Trillion by the end of the event and by using today’s total market cap of $390 Billion.
This might sound extreme and wishful thinking, but anything is possible in this crypto-verse.
What is your opinion on how the crypto markets will respond?