The entire cryptocurrency market will reach a total value of $1 trillion this year, according to the chief executive of a top digital currency exchange.
Jesse Powell, founder and CEO of Kraken, said Tuesday that the cryptocurrency market would continue to see an "acceleration" of growth — despite a sharp pullback in recent weeks.
He told CNBC: "You've got a lot more kids graduating from crypto programs at universities now.
I think we're just going to see it continue exponentially from here."
Asked whether he thought the market capitalization of all cryptocurrencies would hit the $1 trillion mark in 2018, Powell agreed.
The current market cap of all cryptocurrencies stands at around $417 billion, according to data from industry website CoinMarketCap. It hit an all-time high of more than $800 billion in early January, before falling dramatically as a result of a huge cryptocurrency sell-off.
Traders have been weary of regulatory signals recently as government ministers in South Korea and India have both upped their rhetoric against virtual currencies.
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On Monday, three top European Union regulators issued a warning to consumers about the risks associated with buying cryptocurrencies.
However, cryptocurrency enthusiasts seemed to be mostly positive about a hearing on cryptocurrencies held by the U.S.
Senate Banking, Housing and Urban Affairs Committee last week.