Cryptocurrencies faced significant declines this week with the emergence of the “September Effect” in financial markets. Expert analysts in the cryptocurrency field believe that this recent market crash might have been the final shake-up before the anticipated 2024 crypto bull run.
To identify promising projects with strong growth potential in the last quarter, Finbold analyzed market data and focused on leading cryptocurrencies that have the potential to reach a $100 billion market capitalization by Q4 2024.
Market capitalization serves as a crucial benchmark and value indicator for cryptocurrency investors due to the varying economics and supply dynamics of digital assets, requiring a standardized metric for fundamental analysis.
Solana (SOL) has emerged as a prime contender to join industry giants like Bitcoin (BTC), Ethereum (ETH), and Tether USD (USDT) with a market cap exceeding $100 billion by the end of 2024. SOL, currently trading at $129 with a market capitalization of $60.20 billion, would need a 66% value increase to achieve the target set for the 2024 crypto bull run.
Despite known for having one of the largest linear supply inflations in the sector, Solana’s circulating supply of 467.5 million SOL is expected to increase by 7.42 million SOL in the next 100 days, contributing to the overall market cap growth.
Circle USD stablecoin (USDC) is another cryptocurrency anticipated to attract increased demand and market value, positioning itself for the 2024 crypto bull run. USDC, a $35 billion coin utilized across numerous blockchains, is designed to always mirror the U.S. dollar price, enabling room for market cap expansion through growing circulating supply as demand rises.
Stablecoins’ capitalization serves as an indicator of traditional finance funds entering the crypto space, with USDC poised to potentially reach a $100 billion market cap in the 2024 bull run, marking a significant growth opportunity for this asset.
The anticipated market scenario may lead to a shift of investments from stablecoins like USDC towards other cryptocurrencies, as investors strategically rebalance their portfolios. It’s important to note that investment decisions in the cryptocurrency sector carry inherent risks and should be approached with caution.