2 cryptocurrencies to reach $50 billion market cap in May
Release: 2024/04/30 20:19 Reading: 943
The Broader Cryptocurrency Market and Potential Surge in Altcoins
The overall cryptocurrency market is experiencing a bearish trend, with Bitcoin (BTC) struggling to maintain its price above $60,000. This short-term negative response is attributed to the recent Bitcoin halving event.
Despite this, several cryptocurrencies show signs of potential growth in market capitalization. While this recovery largely depends on the broader crypto market recovery, these assets possess fundamentals that could drive their expansion.
Two Digital Assets Poised for $50 Billion Market Cap by May 2024
Finbold has identified two digital assets with the potential to reach a market cap of $50 billion by May 2024. These cryptocurrencies, classified as altcoins, could benefit from the anticipated altcoin season.
XRP
XRP's price performance has been met with frustration, remaining below the $1 mark. It faces downward pressure from the overall market sentiment, struggling to maintain support above $0.50.
However, optimism remains among market participants, particularly due to positive developments in the Ripple-SEC legal dispute. Ripple's planned stablecoin launch is also seen as a positive move that could attract more participants to its platform, benefiting XRP.
Technical analysis suggests a trading pattern similar to XRP's behavior between 2013 and 2017, indicating potential for a rally. With a current market capitalization of $27.64 billion, XRP would require an 80% increase to reach $50 billion.
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Dogecoin (DOGE)
In April, DOGE appeared poised to reach $1 and achieve a $50 billion market cap, but faced setbacks due to the bearish market sentiment. Despite this, on-chain metrics suggest bullish signs, including a 13.8% increase in non-empty DOGE wallets over the last three months.
Analyst Ali Martinez predicts a potential price spike for DOGE, suggesting it could hit $1 after a consolidation phase following a "descending triangle" pattern. Dogecoin also benefits from its strong support base, including Elon Musk and associated products like X Payments.
To reach the $50 billion market cap threshold, DOGE would require a substantial 150% increase.
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Conclusion
As May approaches, the market anticipates a potential post-halving rally, which could benefit the mentioned cryptocurrencies in their pursuit of reaching a $50 billion market cap.
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