This week, the world of cryptocurrencies saw significant declines amid the unfolding of the financial markets’ “September Effect.” Noteworthy cryptocurrency experts believe that this recent downturn may have been the final shake-up before the anticipated crypto bull market of 2024.
To sift through potential winners in the upcoming months, Finbold delved into market data to pinpoint promising projects with robust growth prospects for the remaining quarter. The quest involved identifying prominent cryptocurrencies poised to breach the $100 billion market capitalization threshold by Q4 2024.
Market cap serves as a critical metric and valuation indicator for cryptocurrency investors due to the diverse economics and supply dynamics characterizing digital assets, necessitating a standardized measure for fundamental analysis.
Solana (SOL) emerges as a frontrunner for achieving a $100 billion market cap by Q4 2024, potentially joining the ranks of heavyweights like Bitcoin (BTC), Ethereum (ETH), and Tether USD (USDT) in reaching this milestone. As of the present moment, SOL’s native token trades at $129 with a market capitalization of $60.20 billion, necessitating a 66% surge in value to meet the 2024 crypto bull run target.
However, Solana’s status as one of the industry’s largest linear supply inflators is notable. This trait will augment the current circulating supply of 467.5 million SOL, contributing to the overall market cap. Over the next 100 days, Solana’s circulating supply is forecasted to expand by 7.42 million SOL, factoring in a daily emission of approximately 74,200 SOL, as per data from TokenUnlocksApp.
To achieve a $100 billion market cap by the end of 2024, Solana will need to trade above $210. A successful attainment of this milestone would yield over 60% returns for today’s investors.
In a separate vein, the stablecoin Circle USD (USDC) stands out as a crypto asset with significant growth potential and heightened market demand in the anticipated 2024 crypto bull market. USDC, currently a $35 billion coin transacted across numerous blockchains, is designed to track the U.S. dollar’s price consistently, albeit with room for expansion in market capitalization.
As U.S. dollars are exchanged for USDC through Circle, the issuance of new tokens ensues, bolstering circulating supply in tandem with escalating demand. Analysts utilize stablecoin capitalization as a barometer to gauge the influx of traditional finance funds into the crypto domain, with expectations of USDC’s capitalization, alongside other stablecoins like USDT, witnessing growth in a bullish market scenario.
The realization of a $100 billion market cap for USDC in the 2024 crypto bull run appears not only feasible but probable. This development would signify a threefold surge for USDC alone, positioning it in closer proximity to the popularity and liquidity levels of USDT.
Consequently, as suggested by Finbold, other cryptocurrencies stand to benefit from investors reallocating funds from stablecoins to construct their optimal portfolios amidst the evolving market landscape.