The cryptocurrency market in 2024 has seen a surge of activity, marked by significant rallies for major cryptocurrencies, approvals of Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs), and the BTC halving event in April.
While the potential for increased capitalization largely depends on the broader recovery of the crypto market, several assets retain strong fundamentals likely to drive growth.
In this context, Finbold has identified two digital assets likely to reach a market cap of $50 billion by the second half of the year
XRP market cap. Source: CoinMarketCap
Despite its absence from the recent bull run, XRP is generating optimism due to recent legal advancements between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
Blockchainedbb, a crypto analyst on X, highlighted that XRP’s prolonged consolidation period, lasting over 700 days, could soon end in a significant breakout.
The analyst noted that XRP has been confined within a specific price range, notably around the $0.52 level, and this extended period of consolidation typically precedes substantial price movements. The potential breakout from this range is being closely monitored by investors and analysts alike, with many anticipating a notable rally.
Meanwhile, Ripple’s monthly token unlocks, alongside occasional additional sell-offs, could contribute to capitalization through inflation of the circulating supply.
As of press time, XRP is trading at $0.5291 and has a market capitalization of $29.34 billion, indicating that the token would need an upside of approximately 70% to reach $50 billion.
Dogecoin (DOGE)
Dogecoin (DOGE) has demonstrated potential and volatility, positioning it as a notable asset in the cryptocurrency space. Recent developments suggest a possibility of Dogecoin rallying soon.
DOGE market cap. Source: CoinMarketCap
Dogecoin whales have shown increased interest in the leading meme coin, accumulating the cryptocurrency in the past few days. In a week, these highly capitalized investors added over 1 billion DOGE to their stack, worth $157 million.
A crypto trader, Kevin, has provided further insights into the technical indicators suggesting an imminent breakout for Dogecoin.
He highlighted the two-month Bollinger Bands Breakout indicator, which is signaling a major movement for the first time since November 2020.
Additionally, the approaching two-month LMACD bullish cross points to significant upcoming price action. His analysis suggests that Dogecoin is preparing for a substantial move, similar to its past performance patterns.
Dogecoin also stands to benefit from its steadfast supporters, including Tesla (NASDAQ: TSLA) CEO Elon Musk, and associated products.
At press time, Dogecoin is trading at $0.1631 and has a market capitalization of $23.58 billion, requiring an upside of approximately 112% to reach the $50 billion mark.
Both XRP and DOGE are strategically positioned to potentially achieve the $50 billion market cap milestone, driven by their ecosystem developments and the prevailing bullish sentiment in the market.
However, the inherent volatility of the cryptocurrency market necessitates cautious investment. Investors should continuously monitor market trends and individual asset performance to capitalize on these opportunities effectively.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
