Cryptocurrencies faced significant declines this week due to the onset of the “September Effect” in financial markets. Experts in the cryptocurrency field suggested that this recent drop could mark the final shake-up before the anticipated 2024 crypto bull run.
In this scenario, Finbold conducted an analysis using market data to pinpoint promising projects with strong growth potential in the last quarter. The research delved into leading cryptocurrencies that have the potential to reach a capitalization of $100 billion in Q4 2024.
Market capitalization serves as a key metric and value indicator for cryptocurrency investors as it provides a common basis for evaluating digital assets with varying economic structures and supply dynamics.
Solana (SOL) emerges as a frontrunner for potentially achieving a $100 billion market cap by the end of 2024, alongside stalwarts like Bitcoin (BTC), Ethereum (ETH), and Tether USD (USDT). Currently, SOL is trading at $129 with a market capitalization of $60.20 billion, necessitating a 66% price increase to reach the 2024 bull run goal.
Solana’s reputation for having a substantial linear supply inflation rate will contribute to the circulating supply of 467.5 million SOL, thereby impacting the market cap. Projections indicate an increase of 7.42 million SOL in the following 100 days, fueled by a daily output of approximately 74,200 SOL from TokenUnlocksApp data.
For Solana to achieve a $100 billion market cap by the end of 2024, it must surpass $210 in value. Should this materialize, current investors in SOL stand to gain over 60% returns.
Another cryptocurrency poised for growth in the 2024 crypto bull run is the stablecoin Circle USD (USDC). USDC, valued at $35 billion currently and operating across several blockchains, is designed to mirror the price of the U.S. dollar, while still showing potential for market cap expansion.
As demand for USDC rises, new tokens are issued by Circle upon receiving U.S. dollars in exchange for USDC, leading to an expanding circulating supply and market cap. The increasing capitalization of stablecoins like USDC and USDT is seen as an indicator of traditional finance capital entering the crypto space during a bull run.
The prospect of USDC attaining a $100 billion market cap in the 2024 crypto bull run is not only plausible but probable, signifying a threefold growth for the asset. This growth trend, coupled with the liquidity and popularity of USDC, may lead investors to reallocate funds from stablecoins to other cryptocurrencies to optimize their investment portfolios, as per Finbold’s recommendations.
Please note that the information provided does not constitute investment advice and investing in cryptocurrencies involves speculative risks where capital is exposed to potential losses.