2 cryptocurrencies to reach $50 billion market cap in August 
Cryptocurrency Jul 27, 2024 Share
Amid recent market fluctuations, certain digital assets are poised for substantial growth in the near future. These cryptocurrencies have demonstrated resilience and a potential for rapid appreciation, positioning them for a possible market cap surge to $50 billion.
In this context, Finbold has identified two altcoins, XRP (XRP) and Dogecoin (DOGE), that exhibit strong potential to reach this significant market cap milestone by the end of August.
XRP (XRP)
Currently priced at $0.5964 with a market cap of $33.39 billion, XRP has been consolidating around the $0.64 resistance level.
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The anticipated settlement in the Ripple vs. SEC case has been a significant driver of market confidence. This legal resolution could propel XRP’s price upward, as seen earlier in July when XRP surged from $0.40 to $0.6387.
XRP market cap. Source: CoinMarketCap
Although the price briefly retraced to $0.54, it has shown a robust 27% increase over one month, reflecting strong investor optimism.
Institutional interest is also growing, further boosting its bullish outlook. Additionally, data from Santiment highlights a surge in new wallet creations and heightened network activity, with 1,721 new wallets created in a single day and 47,363 individual addresses interacting on the network.
This increased participation underscores the growing interest in the XRP ecosystem. To reach a $50 billion market cap, XRP would need to increase by approximately 49.7%.
Dogecoin (DOGE)
Priced at $0.1324 with a market cap of $19.31 billion, Dogecoin has seen a notable 6% weekly gain.
Recent data from Whale Alert reveals significant movements of DOGE tokens, valued at over $61 million, suggesting that major investors are positioning themselves for potential gains.
DOGE market cap. Source: CoinMarketCap
On July 20, for instance, 400 million DOGE, valued at approximately $50.33 million, was moved from Robinhood to an unknown wallet.
Analysts are optimistic, projecting that Dogecoin’s price could surpass the $1 mark due to its strong community support and increasing acceptance as a payment method.
Dogecoin is currently in a favorable phase of its market cycle, with historical bullish cycles and recent breakout patterns indicating a potential for substantial price appreciation.
To reach a $50 billion market cap, Dogecoin would need to increase by approximately 159%.
Both cryptocurrencies are supported by strong market fundamentals and investor confidence.
If these trends continue, XRP and Dogecoin could indeed reach the $50 billion market cap by the end of August, offering substantial returns for investors.
However, the cryptocurrency market is highly volatile, making it 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 considered investment advice. Investing is speculative. When investing, your capital is at risk.
