Two cryptocurrencies set to reach 50 billion market capitalization in the second half of the year
The year 2024 has brought about a flurry of activity in the cryptocurrency market, characterized by significant surges in major digital currencies, the approval of Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs), and the BTC halving event in April.
While the potential for increased capitalization largely hinges on the broader recovery of the crypto market, there are several assets with strong fundamentals that are poised for growth.
Finbold has pinpointed two digital assets that are expected to reach a market cap of $50 billion by the second half of the year.
XRP has faced challenges on its journey to a $50 billion market cap, with its price mostly stuck below $1. The token is currently under pressure from overall market sentiment, struggling to maintain support above $0.55. Despite missing out on the recent bull run, XRP is generating optimism due to legal progress between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
An analyst on X, Blockchainedbb, has highlighted that XRP’s prolonged consolidation phase of over 700 days might soon lead to a significant breakout. The token has been trading within a specific price range, primarily around $0.52, and such extended consolidation periods usually precede substantial price movements. Investors and analysts are closely watching for a potential rally.
On the other hand, monthly token unlocks and occasional sell-offs by Ripple could contribute to XRP’s capitalization through inflation of the circulating supply. Currently, XRP is trading at $0.5291 with a market capitalization of $29.34 billion, indicating a need for a 70% increase to reach the $50 billion milestone.
Dogecoin (DOGE) has shown potential and volatility, making it a notable asset in the cryptocurrency space. Recent developments suggest the possibility of Dogecoin rallying soon.
Dogecoin whales have been accumulating the meme coin, adding over 1 billion DOGE worth $157 million to their stack in a week. A crypto trader, Kevin, has provided insights into technical indicators hinting at an imminent breakout for Dogecoin.
At present, Dogecoin is trading at $0.1631 with a market capitalization of $23.58 billion, needing a 112% increase to hit the $50 billion mark.
Both XRP and DOGE are well-positioned to potentially achieve the $50 billion market cap milestone, driven by ecosystem developments and prevailing bullish sentiment. However, the volatile nature of the cryptocurrency market calls for cautious investment, with investors advised to monitor market trends and individual asset performance effectively.
Disclaimer: The content on this site is not to be taken as investment advice. Investing carries risks, and capital is at stake.
