Two digital currencies set to hit 50 billion market capitalization in August
In the midst of recent market turbulence, certain digital currencies are showing promising signs of significant growth in the near future. These virtual assets have displayed resilience and potential for quick appreciation, positioning them for a potential surge in market capitalization to $50 billion.
Within this landscape, Finbold has pinpointed two alternative coins, XRP (XRP) and Dogecoin (DOGE), as having strong potential to reach this notable market cap milestone by the end of August.
XRP (XRP)
Currently trading at $0.5964 with a market cap of $33.39 billion, XRP has been hovering around the $0.64 resistance level.
XRP’s market cap. Source: CoinMarketCap
Despite a brief retracement to $0.54, it has shown a solid 27% increase over the past month, reflecting positive investor sentiment.
The looming resolution in the Ripple vs. SEC case has instilled confidence in the market, with expectations that this legal outcome could propel XRP’s price upwards. An example of this was seen in July when XRP surged from $0.40 to $0.6387.
Institutional interest is on the rise, further enhancing its bullish prospects. Additionally, data from Santiment points to a surge in new wallet creations and increased network activity, with 1,721 new wallets established in a single day and 47,363 individual addresses engaging on the network.
This heightened involvement underscores the growing interest in the XRP ecosystem. To achieve 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 witnessed a notable 6% weekly gain.
DOGE’s market cap. Source: CoinMarketCap
Recent data from Whale Alert indicates significant movements of DOGE tokens, valued at over $61 million, suggesting that major investors are positioning themselves for potential gains.
For instance, on July 20, 400 million DOGE, valued at around $50.33 million, was transferred from Robinhood to an undisclosed wallet.
Analysts are optimistic, projecting that Dogecoin could surpass the $1 mark due to its strong community support and growing acceptance as a payment method.
Dogecoin is currently in a favorable phase of its market cycle, with historical bullish trends and recent breakout patterns indicating potential for substantial price appreciation.
To reach a $50 billion market cap, Dogecoin would need to increase by approximately 159%.
Both XRP and Dogecoin are backed by strong market fundamentals and investor confidence. If these trends persist, both cryptocurrencies could potentially reach the $50 billion market cap by the end of August, offering significant returns for investors.
However, it is important to note that the cryptocurrency market is highly volatile, underscoring the need for investors to conduct thorough research and prioritize robust projects to ensure prudent capital allocation.
Disclaimer: The content provided should not be construed as investment advice. Investing carries inherent risks, and it is essential to exercise caution when investing as your capital is at stake.