2 cryptocurrencies to reach $50 billion market cap in September
2 cryptocurrencies to reach $50 billion market cap in September 
Cryptocurrency Aug 21, 2024 Share
Despite the recent fluctuations in the cryptocurrency market, some digital assets continue to show robust potential for growth.
With the global cryptocurrency market cap currently standing at $2.19 trillion, reflecting a modest 0.2% change in the last 24 hours, certain cryptocurrencies present promising investment opportunities.
Finbold has identified two digital assets that are poised to potentially reach a $50 billion market cap by September, driven by strategic advancements and growing investor confidence.
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XRP (XRP)
XRP is on track to make significant strides toward a $50 billion market cap, supported by several key developments.
The recent favorable outcome of the Ripple Labs vs. United States Securities and Exchange Commission (SEC) lawsuit has been a major catalyst, widely seen as a victory not only for Ripple but for the broader crypto community.
XRP market cap. Source: CoinMarketCap
This has significantly boosted investor confidence in XRP, setting the stage for potential growth.
Moreover, the introduction of the RLUSD stablecoin on both the XRP Ledger and Ethereum (ETH), coupled with Wells Fargo’s adoption of XRP for settling credit card and loan payments, further strengthens XRP’s utility and adoption. These developments lay a solid foundation for future growth.
In addition to these fundamental drivers, derivatives data from Coinglass supports XRP’s potential. Despite a 45.81% decline in trading volume, XRP’s long/short ratio remains strong, particularly on major exchanges like Binance and OKX, where the ratio exceeds 1.85. This suggests that traders are predominantly holding long positions, reflecting their confidence in XRP’s upward trajectory.
Furthermore, the current open interest in XRP derivatives, while slightly down by 1.56%, still shows considerable commitment from market participants.
As positive sentiment builds, the combination of strong fundamentals and supportive derivatives metrics could propel XRP toward the $50 billion market cap milestone, a substantial increase from its current $33.26 billion valuation.
Toncoin (TON)
Toncoin (TON) has also shown impressive growth potential, highlighted by its recent achievement of an all-time high of 946 active addresses daily, reflecting a more than sevenfold increase since July 2021, according to CryptoQuant data.
This surge in activity signals strong adoption of the TON network, which in turn is driving up the demand for TON tokens.
TON market cap. Source: CoinMarketCap
On the derivatives side, data from Coinglass shows a steady open interest of $247.84 million, with a favorable long/short ratio of 1.4722 on Binance, indicating predominantly bullish sentiment among traders. The slight increase in open interest suggests growing investor confidence in TON’s potential for growth.
If TON continues to capitalize on its expanding ecosystem and maintain strong investor confidence, the goal of reaching a $50 billion market cap by September could be within reach.
This potential growth is driven by the confluence of increased network activity, rising token demand, and positive market sentiment.
Both XRP and Toncoin are positioned to potentially reach the $50 billion market cap milestone by September, driven by their strategic developments, strong investor confidence, and growing market presence.
As the broader cryptocurrency market continues to evolve, these digital assets could offer significant opportunities for investors looking to capitalize on the next wave of growth.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
