The cryptocurrency market, alongside other risk assets, has experienced a short-term sell-off amid escalating geopolitical tensions in the Middle East. Indeed, this situation has interrupted the recent bullish momentum.
Despite these conditions, several cryptocurrencies are demonstrating potential for increased buying pressure, which could impact their market capitalization. Notably, a surge in buying pressure would likely hinge on any bullish momentum anticipated by the market, considering events such as the upcoming Bitcoin (BTC) halving.
In this context, Finbold has identified two digital assets likely to reach a market cap of $50 billion by 2024. Some of these assets are already approaching the threshold.
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Toncoin (TON)
Toncoin (TON), backed by the messaging platform Telegram, has the potential to reach a market capitalization of $50 billion in April, driven by the token’s recent momentum. The cryptocurrency has surged into the top ten digital assets by market capitalization, adding a staggering $10 billion in the past month. Its value peaked at almost $27 billion on April 11, also marking an all-time high in its price.
Although the market has experienced a short-term retreat, several factors remain in play that could potentially propel TON to a market cap of $50 billion. For instance, the platform is expanding into the meme coin space, having airdropped around $2.19 million to the most active meme coin traders. If TON replicates the meme coin frenzy that impacted Solana (SOL), it could be poised to reach $50 billion.
TON’s rise has also triggered the fear of missing out (FOMO), potentially attracting more investors to continue investing in the token. This is particularly appealing considering that TON is still relatively cheaper compared to other assets, such as Bitcoin, making it more attractive.
Additionally, if TON successfully establishes itself as a key player in the Telegram in-app currency and microtransaction space, its market cap could experience a significant surge, potentially reaching the $50 billion mark.
As of press time, TON’s market cap stood at $22.71 billion, implying that it would need to rise by 120% to achieve the $50 billion valuation.
XRP
Prior to the recent market sell-off, XRP was holding steady above the $0.60 support zone. Notably, the token has largely consolidated below the $1 level, with several fundamental factors aligning in its favor.
Specifically, its focus on remittance and established partnerships with financial institutions position it for potential growth. Although the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC) introduces some uncertainty, a successful resolution could pave the way for broader adoption, potentially propelling XRP’s market cap toward the $50 billion mark.
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 had a market capitalization of $27.07 billion, indicating that the token would need an upside of approximately 84% to reach $50 billion.
With barely two weeks left in April, the mentioned cryptocurrencies’ approach to the $50 billion mark will likely heavily rely on possible bullish momentum. Any rally will significantly hinge on how the markets react to geopolitical tensions.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
