The cryptocurrency market is showing signs of recovery, with the total market capitalization rising by approximately 2.50% in the last 24 hours to reach $2.55 trillion on May 18.
This ongoing bullish sentiment particularly benefits several cryptocurrencies on the verge of significant market cap milestones, notably the $50 billion mark.
Finbold has identified two altcoins—XRP (XRP) and Dogecoin (DOGE)—that could potentially reach a market cap of $50 billion by the first half of 2024. These digital assets have favorable conditions that could drive their market capitalization higher.
XRP market capitalization. Source: CoinMarketCap
Notably, XRP whales have been accumulating the token significantly. Data from Santiment, highlighted by on-chain analyst Ali Martinez, shows that whale addresses holding between 1 million and 10 million XRP stacked $55 million in the past two weeks. This accumulation trend suggests that large investors are confident in XRP’s potential.
Additionally, XRP’s price has been rising due to a broader market recovery and cooling inflation in the U.S.
As the market approaches the first half of 2024, these factors could potentially set the stage for a rally, possibly leading to a $50 billion market capitalization. Currently, XRP is trading at $0.50 with a market cap of $27.64 billion.
Dogecoin (DOGE)
By mid-2024, the meme coin DOGE seems poised to reach the $1 milestone and potentially achieve a $50 billion market cap. The large-cap meme coin has a fully diluted valuation (FDV) of about $28 billion and approximately 7 million on-chain holders.
Renowned crypto analyst World Of Charts suggests that Dogecoin is approaching a critical descending trendline, with a potential breakout that could trigger a 100% surge in its price, aiming for a target of approximately $0.29.
DOGE market capitalization. Source: CoinMarketCap
Dogecoin benefits from strong backing by Tesla (NASDAQ: TSLA) CEO Elon Musk, who has been an outspoken supporter of the coin. Additionally, products like the upcoming X Payments could further enhance Dogecoin’s utility in payments.
Currently, DOGE is trading at $0.1525 with a market cap of $28 billion, needing a significant boost to reach the $50 billion milestone by May 2024.
These two cryptocurrencies are likely to attract increased investment if the cryptocurrency market continues its bullish momentum, pushing their market caps over the $50 billion threshold.
As the cryptocurrency market is highly volatile it is crucial for cryptocurrency investors to conduct thorough research and prioritize robust projects to ensure sound capital allocation.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
