THE value of the cryptocurrency market could hit $1 trillion this year with the price of one bitcoin predicted to surge to $50,000, experts have predicted.

This positive outlook is relief for cryptocurrency traders who saw the price of a Bitcoin drop to $6,000 at the beginning of February.

The price of one Bitcoin reached over $19,000 in mid-December.

“Increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and major technology developments will contribute to the market’s rebound and push cryptocurrency prices to all new highs this year,” said Thomas Glucksmann, the head of business development at cryptocurrency exchange Gatecoin.