As May 2024 unfolds, the cryptocurrency market continues to experience the effects of the Bitcoin (BTC) halving event that occurred in April, traditionally a bullish catalyst for Bitcoin and the wider cryptocurrency landscape.

This ongoing bullish sentiment particularly benefits several cryptocurrencies on the verge of significant market cap milestones, notably the $100 billion mark. 

Consequently, Finbold has identified two cryptocurrencies likely to surpass this threshold.

These assets are nearing the milestone, with their trajectory depending on the continuation of the bull run and supply inflation. High supply inflation could contribute to an increased market cap even if the price remains unchanged.

BNB Chain (BNB)

BNB, the native token of Binance, displays strong potential to reach and perhaps surpass a $100 billion market cap. This potential stems from strategic expansions and innovations within the Binance ecosystem.

The 27th quarterly token burn has recently removed approximately 1.944 million BNB from circulation, valued at around $1.17 billion. This action aligns with Binance’s strategy to reduce BNB’s total supply to 100 million tokens, thus increasing its scarcity and value.

BNB market cap. Source: CoinMarketCap

The BNB Chain ecosystem is expanding, notably through the integration of 35 new decentralized applications (dApps) into its Web3 Wallet, which broadens BNB’s utility and demand. These applications cover various sectors, including gaming, finance, and trading, thereby enhancing user experience and increasing platform engagement.

With a notable year-to-date price increase of 93.75% and a current market cap of about $87 billion, BNB needs only a 14% increase to cross the $100 billion threshold. This goal seems achievable with continuous market growth and further platform expansions.

Solana (SOL)

Currently the fifth-largest cryptocurrency with a market cap of $70 billion, Solana (SOL) has robust investor interest and confidence. 

The Solana ecosystem has significant activity, especially with SOL-based meme coins such as the WIF token and BONK, both of which have recently seen significant upticks in trading volumes and prices. 

These developments are not only indicative of growing investor interest but also contribute positively to Solana’s market value, signaling an optimistic outlook for the cryptocurrency.

Despite network outages, Solana maintains a strong market presence and trades above essential support levels. 

The olana ecosystem is vibrant, marked by a significant increase in decentralized exchange (DEX) trading volume and new projects, which enhance its utility. Continuous improvements in network stability and scalability are crucial in maintaining investor confidence and supporting market cap growth.

Solana (SOL) market cap and price data. Source: CoinMarketCap

Solana needs a 42.8% increase to reach a $100 billion market cap, supported by its solid fundamentals and the bullish conditions brought about by the post-halving atmosphere.

By press time, Solana is valued at $142, showing daily gains of nearly 0.88%.

Both BNB and Solana are strategically positioned to potentially achieve the $100 billion market cap, driven by their ecosystem developments, strategic technological enhancements, and the overall bullish sentiment in the market. 

However, due to the volatile nature of the cryptocurrency market, investors should proceed with caution. Continuous monitoring of market trends and individual asset performances is essential for those looking to capitalize on these opportunities.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.



Source link

Open next page to continue reading

Share.
Leave A Reply