Cryptocurrencies and blockchain could unlock $10 trillion market, RBC

Bitcoin has proved its volatility by nature and now its time for other cryptocurrencies and blockchain technology that drives the cryptos to go mainstream. Whereas, some investors believe that blockchain is the purest thing after the existence of God. A research analyst at Royal Bank of Canada (RBC) predicts that cryptocurrency, blockchain technology, and decentralization have great potential and will become $10 trillion market.

2017 was the year cryptocurrencies made a proper introduction and 2018 is going to be the year when people will take crypto craze to its peak. According to a new report by Mitch Steves, a research analyst with RBC’s Capital Markets subsidiary, the future of transactional services will ultimately be decentralized. Cryptocurrencies protocols are going to serve as decentralized alternatives to proprietary services and transmitting remittances.

According to Steve, the protocol layer on which these services will be made will help in realizing the value of these blockchain based systems. We see that the protocol layer will capture more value than the applications. According to the report,

“While the cryptocurrency space has many risks, the opportunity appears vast with constant technology updates. As the application becomes successful, the protocol layer captures more value, which then creates more interest in additional decentralized application development.”

The overall value of the cryptocurrencies market globally has recently surpassed $700 billion. This year cryptos are going to hit $1 trillion in terms of market capitalization and it will happen probably sooner than we predict.

The report also indicates that currently decentralized technology is misunderstood and underrated. Soon the world will be witnessing the cryptos getting better and better and a large number of transactions will be held through this system.

Image Source: Coin Telegraph