The cryptocurrency market felt the pain of recent geopolitical tensions and experienced a short-term selloff that stalled the bullish momentum. Despite the temporary chill, certain cryptocurrencies are showing signs of resistance and could potentially see an increase in buying pressure, which could impact their market values. This potential increase depends on the return of bullish sentiment, with events such as the upcoming Bitcoin halving playing a significant role in investor confidence. However, some analysts at Finbold have identified two crypto assets that have the potential to reach $50 billion market cap by the end of 2024, regardless of the broader market.
Toncoin (TON): The first cryptocurrency on the list
One of these potential high flyers is Toncoin (TON), a cryptocurrency backed by messaging giant Telegram. TON has experienced a rapid rise in recent weeks and has become one of the top ten crypto assets by market capitalization. This impressive feat has been fueled by a staggering $10 billion increase in value over the past month, with its price reaching an all-time high of nearly $27 billion on April 11. Several factors could push TON towards a $50 billion market cap. Telegram’s recent entry into the meme coin space with a $2.19 million airdrop to active meme coin traders has sparked a wave of excitement.
If TON can replicate the buying frenzy surrounding Solana (SOL) in the meme coin frenzy, a $50 billion valuation becomes a distinct possibility, according to analysts. Fear of missing out (FOMO) affecting the market also adds fuel to the fire. TON’s relative affordability compared to established giants like Bitcoin makes it an attractive entry point for new investors.
Moreover, if TON successfully establishes itself as the go-to currency for microtransactions within the Telegram app, its market cap could witness a significant increase and potentially exceed $50 billion. Currently, TON’s market value stands at $22.71 billion. Another increase of approximately 120% would be required to reach the coveted $50 billion valuation.
XRP: There are significant expectations
Another competitor in the $50 billion race is XRP. Before the recent market decline, XRP remained above the critical $0.60 support zone. Although it has fundamentally consolidated below the $1 level, some fundamental factors bode well for its future. XRP’s primary focus on remittances and partnerships with financial institutions positions it for significant growth.
The ongoing legal battle between Ripple, the company behind XRP, and the Securities and Exchange Commission (SEC) creates some uncertainty. But a successful solution could pave the way for wider adoption and potentially push XRP’s market value towards $50 billion. It is important to note that Ripple’s monthly token unlocks, along with occasional additional sales, can contribute to market cap growth through inflation of circulating supply. As of now, the market cap of XRP is $27.07 billion. An increase of approximately 84 percent is needed to reach the $50 billion target.
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