Two Cryptocurrencies Set to Achieve 1 Billion Market Capitalization by the Close of 2024
Amidst recent market volatility, certain digital assets are emerging as strong contenders for significant growth in the near future. Despite the overall stagnation of the market, specific altcoins are displaying resilience and demonstrating significant potential. These cryptocurrencies, backed by strong fundamentals, growing community interest, and other favorable factors, could experience a surge in value if the bullish momentum continues.
Finbold has identified two such assets that are likely to attract substantial capital inflows by the end of 2024, bringing them closer to the $1 billion market cap milestone – a threshold they are already approaching.
Fantom (FTM), currently trading at $0.3417, boasts a market cap of approximately $958 million. Although it faced challenges in the second quarter, with a 46.71% decrease in market cap from $3.19 billion to $1.7 billion, Fantom’s year-over-year growth remains strong, with its market cap still 94% higher compared to the second quarter of 2023.
The decline in market cap was primarily due to the broader downturn in the cryptocurrency market and the rebranding of the Fantom Foundation to Sonic Labs. However, recent strategic initiatives, such as the Ecosystem Vault and Gas Monetization program, have the potential to reignite growth as on-chain activity increases.
A significant reduction in Fantom’s transaction fee burn rate from 30% to 5%, along with the reallocation of these funds, is expected to stimulate more network activity, boosting revenue and token demand. Additionally, a late second quarter recovery in on-chain activity, marked by a reversal in declining active addresses and transactions, suggests potential bullish momentum. If these positive trends continue, Fantom is well-positioned to surpass the $1 billion market cap by the end of 2024.
Helium (HNT), currently trading at $5.99, has shown remarkable resilience with a market cap nearing $970 million. Helium’s unique role as a pioneer in decentralized physical infrastructure networks (DePIN) has fueled its recent growth, particularly through partnerships with traditional carriers and the expansion of its physical infrastructure, which now includes nearly 16,000 hotspots.
Helium’s adoption rate has rapidly accelerated, with over 108,000 subscribers on its unlimited plan, indicating robust growth. With strong customer retention and new revenue streams from collaborations with mobile carriers, Helium’s upward trajectory is likely to continue. If this momentum is sustained, Helium has a strong chance of surpassing the $1 billion market cap by the end of the year.
In conclusion, both Fantom and Helium are on promising paths to achieve a $1 billion market cap by the end of 2024. Fantom’s recovery in on-chain activity and strategic initiatives, along with Helium’s robust growth in subscribers and infrastructure expansion, position them well to take advantage of emerging opportunities in the digital asset space. Investors should closely monitor these projects as they continue to develop and potentially reach new milestones.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative, and your capital is at risk.
