Cryptocurrency market could hit $1 trillion this year with bitcoin surging to $50,000, experts say

Cryptocurrency market could hit $1 trillion this year with bitcoin surging to $50,000, experts say

Cryptocurrencies could go on a bull run greater than last year and pass the trillion-dollar mark in terms of value, experts told CNBC, following a recent violent sell-off across digital coins.

Bitcoin has seen a huge fall in recent days, dropping below $6,000 for the first time since mid-November. On Wednesday, it was trading above the $7,000 level as the cryptocurrency market stabilized.

At its lowest point on Tuesday, the total cryptocurrency market saw over $550 billion wiped off its value. But industry insiders see another rally ahead.

"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," Thomas Glucksmann, head of APAC business development at cryptocurrency exchange Gatecoin, told CNBC by email on Tuesday.

"There is no reason why we couldn't see bitcoin pushing $50,000 by December."

The technology advancements Glucksmann referenced include bitcoin's so-called Lightning Network, which would boost the very slow transaction speeds using the cryptocurrency.