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2 cryptocurrencies to reach $100 billion market cap in the first half of 2024

2 cryptocurrencies to reach $100 billion market cap in the first half of 2024

Bitcoin (BTC) recent surge to a record high of $73,750, followed by a pullback to $61,000, has set the stage for what many in the cryptocurrency sector believe could be the onset of an altcoin season. Analysts’ diverse predictions hint at a massive upswing in altcoin valuations.

This ongoing bullish sentiment particularly benefits several cryptocurrencies on the verge of significant market cap milestones, notably the $100 billion mark. 

Consequently, Finbold has identified two cryptocurrencies likely to surpass this threshold.

BNB Chain (BNB)

BNB, the native token of Binance, is showing robust potential to reach and potentially exceed a $100 billion market cap. This potential is anchored in Binance’s continuous strategic expansions and innovative developments within its ecosystem.

Currently holding the fourth position in the crypto market by market cap, BNB boasts a valuation of approximately $85.6 billion and trades at $580.28, marking a 2% increase in the last 24 hours.

BNB market cap. Source: CoinMarketCap

During this period, BNB has seen a trading volume exceeding $1.95 billion, a 12% increase, signaling renewed investor interest and confidence in its growth prospects.

Recent price fluctuations have led to a surge in liquidations across the BNB network. Over the past few days, positions worth over $20 million have been liquidated, with more than $1.15 million liquidated on May 14th alone. 

Despite these losses, traders remain optimistic about BNB’s long-term potential, as evidenced by the increasing number of long positions.

The BNB Chain ecosystem continues to grow, integrating 35 new decentralized applications (dApps) into its Web3 Wallet. This integration enhances BNB’s utility and demand, covering various sectors, including gaming, finance, and trading, thus increasing user engagement.

With a year-to-date price increase of 86% and a current market cap of approximately $85.5 billion, BNB requires a 14% increase to surpass the $100 billion threshold. Given the ongoing market growth and further platform expansions, this goal appears within reach.

Solana (SOL)

Solana (SOL), currently the fifth-largest cryptocurrency by market cap, stands at $68,472,570,217 and is backed by strong investor confidence. 

The Solana ecosystem has been vibrant, particularly with SOL-based meme coins like the WIF token and BONK seeing significant trading volume increases. These trends highlight growing investor interest and positively impact Solana’s market value.

Solana (SOL) market cap and price data. Source: CoinMarketCap

Despite experiencing network outages, Solana maintains a solid market presence and trades above crucial support levels. The ecosystem is thriving, with a marked increase in decentralized exchange (DEX) trading volumes and new projects enhancing its utility. 

Continuous network stability and scalability improvements are essential for maintaining investor confidence and supporting market cap growth.

Recently, Solana has outpaced Ethereum (ETH) in daily trading volumes, raising discussions about its potential to challenge Ethereum’s dominance

On May 12, Solana generated more transaction fees and Maximum Extractable Value (MEV) than Ethereum for the first time, although Ethereum’s total transaction fees remained higher at $1.82 million compared to Solana’s $1.19 million,

Solana needs a 41% increase to achieve a $100 billion market cap. Supported by strong fundamentals and the bullish market conditions following the Bitcoin halving, Solana’s trajectory looks promising. 

As of now, Solana is valued at $153.05, showing daily gains of nearly 6.6%

With a year-to-date price increase of 50.53%, Solana is on a robust growth path, driven by its technological advancements and expanding ecosystem.

Both BNB and Solana are strategically positioned to potentially achieve the $100 billion market cap milestone, driven by their ecosystem developments, technological enhancements, 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.

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