In 2024, Three Cryptocurrencies Could Reach a $100 Billion Market Cap
In the occurrence of a bull market in 2024, three cryptocurrencies could reach a $100 billion market cap this year. Previously, we covered low- and mid-cap cryptocurrencies with the potential to reach $1 billion, $10 billion, and $50 billion capitalization. Of course, each of these could further compete for the $100 billion if enough demand enters the scene.
In particular, the most likely projects to achieve such a valuation in a lower time frame are the ones already closer to the hundred-billionth. Moreover, high supply inflation may contribute to an increased market cap even if the price remains unchanged.
Solana (SOL) Could Reach a $100 Billion Market Cap
In particular, Solana (SOL) is a $48.12 billion market cap cryptocurrency with upside potential considering its recent growth. Solana’s relevancy has increased among other cryptocurrencies, and its decentralized finance (DeFi) ecosystem challenges Ethereum’s (ETH).
Notably, institutional investors have shown interest in its solution for a more scalable and efficient Web3. SOL is highly backed by Venture Capitalists (VCs) and financial giants.
A run to a $100 billion market cap would result in nearly 108% capitalization gains, possibly impacting its price. However, Solana’s token is known for its large yearly supply inflation of over 17%. This characteristic will diminish the capitalization surge effects on the unitary price of SOL.
XRP Set to Overcome the $1 per Token
Second, XRP is a strong candidate to reach the hundred-billionth mark, moving from its current $30.25 billion market cap. Its focus on remittance and institutional partnerships could fuel adoption.
Meanwhile, Ripple’s monthly token unlocks and occasional extra sell-offs may propel the capitalization through circulating supply inflation.
A run to a $100 billion market cap would result in nearly 230% capitalization gains, possibly impacting its price. Interestingly, XRP’s supply inflation has higher unpredictability than Solana’s emission and scheduled vestings. This makes it more difficult to predict the effects on the price.
Avalanche (AVAX)
Lastly, Avalanche (AVAX) is another likely contender for the $100 billion market cap in 2024. This is due to Avalanche’s growth in DeFi, being one of the most popular blockchains for protocol development and investment.
Additionally, AVAX also suffers from high supply inflation, potentializing the capitalization increase, like the other two.
A run to such a valuation would mean a nearly 585% surge from its current $14.61 billion. Mirroring SOL and XRP, AVAX price may not fully follow these gains.
Similar to our previous selections, these cryptocurrencies may not deliver the forecasted scenario unless they manage to acquire meaningful adoption and usage. All things considered, investors must always do proper risk management and research when investing in the cryptocurrency market.
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