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
XRP’s price performance has been challenging for many investors, staying mostly below $1 and struggling to hold support above $0.50. Despite this, optimism is growing about XRP’s future. The ongoing legal disputes between Ripple and the Securities and Exchange Commission (SEC) could be resolved positively for Ripple, providing a significant boost for XRP.
Ripple’s upcoming stablecoin launch is anticipated to attract more users to its platform, benefiting XRP. This new development could drive further adoption and enhance Ripple’s ecosystem.
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.
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.
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