Bitcoin

Cryptocurrency market could hit $1 trillion this year with bitcoin surging to $50000, experts say


Many commentators have noted that bitcoin and other cryptocurrencies have no fundamental value. But others have suggested that digital tokens like ethereum, which can be used to build new blockchain applications, could have value in the future as the industry moves forward and develops.

Some companies like IOTA and NEO are trying to create blockchain platforms that developers can build on. Those applications can be powered by IOTA or NEO tokens. The same is true of ethereum. Mick Sherman, co-founder and CEO of Hercules Tech, a data science company focusing on blockchain and big data, said these are the digital coins that could see their prices appreciate the most this year.

“Utility tokens and assets with a working platform and a clear-cut reason for requiring both a blockchain and their own token, are more likely to appreciate in value this year. Some of these cryptoassets will not be used for years, meaning they have no utility value,” Sherman told CNBC in an email on Tuesday.

The CEO warned that many of the blockchain projects could be years away and more bubbles could arise.

“The revolutionary nature of blockchain technology is what’s driving the hype and even though we may be years away from viable blockchain-based assets, we may very well see several more bubbles,” Sherman said.



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