Two cryptocurrencies poised to achieve 50 billion market capitalization by August
In the midst of recent market turbulence, certain digital assets are poised for significant growth in the coming days. These virtual currencies have shown resilience and potential for rapid appreciation, setting them up for a potential surge in market cap to $50 billion.
In this scenario, Finbold has pinpointed two altcoins, XRP (XRP) and Dogecoin (DOGE), as having strong potential to reach this important market cap milestone by the end of August.
XRP (XRP)
With a current price of $0.5964 and a market cap of $33.39 billion, XRP has been hovering around the $0.64 resistance level. The anticipated resolution in the legal battle between Ripple and the SEC has instilled confidence in the market, potentially driving XRP’s price higher. In July, XRP spiked from $0.40 to $0.6387, and despite a brief retracement to $0.54, it has shown a solid 27% increase over the past month, reflecting positive investor sentiment.
Institutional interest is on the rise, further enhancing its bullish outlook. Moreover, data from Santiment indicates a surge in new wallet creations and increased network activity, with 1,721 new wallets established in a single day and 47,363 individual addresses engaging on the network. This heightened participation underscores the growing interest in the XRP ecosystem. To achieve a $50 billion market cap, XRP would need to rise by approximately 49.7%.
Dogecoin (DOGE)
Priced at $0.1324 with a market cap of $19.31 billion, Dogecoin has experienced a notable 6% gain over the past week. Recent data from Whale Alert suggests significant movements of DOGE tokens, valued at over $61 million, indicating that major investors are positioning themselves for potential gains.
For example, on July 20, 400 million DOGE, worth approximately $50.33 million, was transferred from Robinhood to an undisclosed wallet. Analysts are optimistic about Dogecoin’s future, projecting that its price could surpass the $1 mark due to strong community support and growing acceptance as a payment method. Dogecoin is currently in a favorable phase of its market cycle, with historical bullish trends and recent breakout patterns suggesting potential for substantial price appreciation. To reach a $50 billion market cap, Dogecoin would need to increase by approximately 159%.
Both XRP and Dogecoin are backed by solid market fundamentals and investor confidence. If current trends persist, these two cryptocurrencies could indeed reach the $50 billion market cap by the end of August, offering significant returns for investors. However, the cryptocurrency market is highly volatile, underscoring the importance of thorough research and prioritizing robust projects to ensure prudent capital allocation.
Disclaimer: The information provided should not be construed as investment advice. Investing in cryptocurrencies carries risks, and investors should be cautious.
