2 cryptocurrencies to reach $10 billion market cap in August
2 cryptocurrencies to reach $10 billion market cap in August 
Cryptocurrency Jul 30, 2024 Share
As the cryptocurrency market shows signs of recovery, several digital assets are nearing significant market cap milestones.
Among them, Chainlink (LINK) and Polkadot (DOT) stand out as prime candidates projected to surpass the $10 billion mark in the coming weeks.
These predictions are based not only on the continuation of the bull run but also on factors like high supply inflation, which could drive market cap growth even with minimal price movements.
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Chainlink (LINK)
Chainlink has made considerable strides in enhancing transparency within the cryptocurrency ecosystem. A pivotal development contributing to its bullish outlook is the integration of Chainlink’s proof-of-reserve (PoR) system by 21Shares, a leading issuer of crypto exchange-traded products (ETPs).
The positive sentiment surrounding Chainlink is further amplified by technical analysis by prominent crypto analyst Ali Martinez. Martinez has highlighted the formation of an inverse head and shoulders pattern on LINK’s four-hour price chart.
This pattern, often indicative of a bullish reversal, suggests that Chainlink could experience a significant price turnaround in the coming weeks.
LINK market cap. Source: CoinMarketCap
Currently trading at $13.34 with a market cap of approximately $8.11 billion, Chainlink’s ongoing developments and the broader market’s bullish sentiment position it well to surpass the $10 billion market cap milestone.
The combination of enhanced transparency, technical bullish indicators, and overall market optimism are key drivers behind this potential growth.
Polkadot (DOT)
Despite facing bearish pressure, Polkadot demonstrates robust network fundamentals that could drive its market cap beyond the $10 billion threshold. While DOT’s price recently dropped by over 2% to around $5.59, on-chain metrics remain notably bullish.
Polkadot Subscan shows the daily holder count is at an all-time high of 1.3 million, with 503 new additions in the last 24 hours.
Data from Coinalyze indicates that while open interest remains low, the Long/Short ratio is 2.83, with 73.86% of traders betting long on the asset. This suggests a short-term fear but long-term optimism among investors. Currently, Polkadot has a market cap of approximately $8.03 billion.
The continued network developments, increasing user engagement, and bullish investor sentiment indicate that DOT is well-positioned to overcome its recent price challenges and achieve the $10 billion market cap milestone.
DOT market cap. Source: CoinMarketCap
The ongoing bullish sentiment in the cryptocurrency market, coupled with significant developments within the Chainlink and Polkadot ecosystems, sets the stage for these digital assets to reach the $10 billion market cap milestone in August.
Investors should closely monitor these cryptocurrencies as they navigate toward these significant milestones.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
