According to a report published by Forbes, the cryptocurrency market's recent boom, with Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Litecoin, Solana, Tron, and Polygon experiencing price surges, could lead to a multi-trillion-dollar growth as Wall Street banks start converging on blockchain technology.
Despite the mixed trading conditions for major cryptocurrencies like Bitcoin, Ethereum, and XRP, BlackRock CEO's recent crypto prediction has had a significant impact on the market. The combined crypto market has surged back over $1 trillion, with the potential for even more growth on the horizon.
According to Sergey Nazarov, cofounder of the Chainlink blockchain network, the blockchain industry will grow "very, very rapidly by trillions of dollars" as Wall Street giants begin to adopt blockchain technology. Nazarov envisions a future where Wall Street banks create their own blockchains and cross-chain stablecoins. These would use Chainlink's cross-chain interoperability protocol (CCIP), currently in an early access phase, to link them together.
CCIP serves as an open-source global standard for inter-blockchain messaging, data, and token movements. The protocol has already been tested with Swift, the global inter-bank messaging network, potentially enabling cryptocurrency transfers across public and private chains via Swift's messaging infrastructure.
Nazarov sees the overlap of the worlds of public blockchain and bank-chain as a driving factor behind the growth of the blockchain industry as a whole. He also highlighted that Chainlink — a network of nodes providing data from off-blockchain sources to on-blockchain smart contracts — is preparing to launch a pilot. Should this pilot involve real value moving between different bank chains, Nazarov emphasizes that "the sky's the limit."
In the meantime, the cryptocurrency market is closely watching the Federal Open Market Committee (FOMC) meeting's outcome regarding interest rate decisions. Despite the downward pressure from some major cryptocurrencies, Dogecoin has managed to go against the trend, with traders speculating that Elon Musk may integrate the cryptocurrency into his rebranded Twitter app, X.