2 cryptocurrencies to reach $50 billion market cap in the first half of 2024

Crypto Market Rebounds, Altcoins Poised for Market Cap Milestones

The cryptocurrency market is exhibiting signs of recovery, with total market capitalization surging by approximately 2.50% over the past 24 hours, reaching $2.55 trillion on May 18. This bullish sentiment is particularly beneficial for several cryptocurrencies on the cusp of significant market cap milestones, notably the $50 billion mark.

Finbold has identified two altcoins—XRP (XRP) and Dogecoin (DOGE)—that have the potential to reach a market cap of $50 billion by the first half of 2024. These digital assets possess favorable conditions that could propel their market capitalization higher.

XRP

XRP's price performance has been challenging for investors, remaining largely below $1 and struggling to sustain support above $0.50. However, optimism is growing regarding XRP's future. The ongoing legal disputes between Ripple and the Securities and Exchange Commission (SEC) could be resolved favorably for Ripple, providing a significant boost for XRP.

Ripple's upcoming stablecoin launch is expected to attract more users to its platform, benefiting XRP. This new development could drive further adoption and enhance Ripple's ecosystem.

XRP market capitalization. Source: CoinMarketCap

Notably, XRP whales have been accumulating the token significantly. Data from Santiment, highlighted by on-chain analyst Ali Martinez, indicates that whale addresses holding between 1 million and 10 million XRP accumulated $55 million in the past two weeks. This accumulation trend suggests that large investors are confident in XRP's potential.

Additionally, XRP's price has been rising due to a broader market recovery and cooling inflation in the U.S.

As the market approaches the first half of 2024, these factors could potentially lay the groundwork for a rally, potentially leading to a $50 billion market capitalization. Currently, XRP is trading at $0.50 with a market cap of $27.64 billion.

Dogecoin (DOGE)

By mid-2024, the meme coin DOGE appears poised to reach the $1 milestone and potentially achieve a $50 billion market cap. The large-cap meme coin has a fully diluted valuation (FDV) of approximately $28 billion and nearly 7 million on-chain holders.

Renowned crypto analyst World Of Charts suggests that Dogecoin is approaching a critical descending trendline, with a potential breakout that could trigger a 100% surge in its price, aiming for a target of roughly $0.29.

DOGE market capitalization. Source: CoinMarketCap

Dogecoin enjoys strong support from Tesla (NASDAQ: TSLA) CEO Elon Musk, who has been a vocal advocate for the coin. Additionally, products like the upcoming X Payments could further enhance Dogecoin's utility in payments.

Presently, DOGE is trading at $0.1525 with a market cap of $28 billion, requiring a substantial boost to reach the $50 billion milestone by May 2024.

These two cryptocurrencies are likely to attract increased investment if the cryptocurrency market maintains its bullish momentum, pushing their market caps beyond the $50 billion threshold.

As the cryptocurrency market remains highly volatile, it is crucial for investors to conduct thorough research and prioritize robust projects to ensure sound capital allocation.

Disclaimer: The content on this site should not be construed as investment advice. Investing is speculative. When investing, your capital is at risk.