Major Cryptocurrencies Could Reach The $1 Trillion Cap Quickly Bitcoin, Ethereum, BNB and XRP are just a few of the many contenders for the market capitalization milestone.

In 2021 the bitcoin price doubled, reaching over $60,000 per bitcoin. This gave the bitcoin network a market capization of more that $1 trillion. Bitcoin is valued at $800 billion. Its current price was just over $40,000. Ethereum, the second largest cryptocurrency after bitcoin, reached a market value of just slightly more than $500 billion in November 2021. Research on crypto market pricing has shown that Bitcoin, Ethereum BNB, XRP and Cardano could all reach the $1 trillion milestone if they continue growing at their current rates. According to Crypto Head, studies that looked at the digital asset industry assessment and assessment website Crypto Head, they ignored any coin made after January 1, 2019, even the rapidly growing top ten coin Solana. Bitcoin could return to the trillion dollar mark in 2023. This would be possible with an average annual gain of 159 per cent. Ethereum is predicted to grow at a staggering 308 percent per year. BNB (and Cardano), two Ethereum rivals, will be able to reach a $1 Trillion market valuation by 2024. Annual growth rates of 615 % and 423 %, respectively, are expected. Moving down the charts, Ripple’s XRP, which is now being sued by the Securities and Exchange Commission (SEC), has a yearly increase rate of 88 percent, putting it at $1 trillion by 2028. Fantom is the cryptocurrency with the highest market value at $9 million in 2019. It is currently on track to reach the trillion-dollar mark in 2024. Mike Novogratz’s Galaxy Digital Holdings might be the first crypto firm to achieve the trillion-dollar threshold, with a yearly growth rate of 488 percent predicting that it would do so in 2026. Block, previously Square, was founded by Jack Dorsey in 2029 and has a valuation of a trillion dollars. The study did not include firms that had no public market capitalization prior to the beginning of 2019, such as Binance or Coinbase. Crypto market analysts are skeptical about the short-term outlook, despite the fact that historic growth rates have predicted many prominent cryptos to reach new all time highs within the next year. Paul Robinson, a DailyFX strategist, stated that Bitcoin was trading well in the fourth-quarter of 2021. However, it experienced a period where the market was relatively unfocused in the first three quarters of 2022. Generally, once bitcoin gets going, it doesn’t take much time to summon up a new level of market interest. As traders come to grips with the Federal Reserve’s growing hawkish posture and consider the economic impact of Russia’s war in Ukraine, the bitcoin price has bounced up in recent months, moving in lockstep with equity markets. Robinson continued by saying that recent price drops could make things more volatile in the short-term, but that due to volatility and the fact this is bitcoin volatility will likely rise again as we get closer to the middle of next year.



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Explode Africa

Gateway to News Africa! | All about Startups and Entrepreneurship.