Bitcoin, Ethereum, BNB, XRP, Cardano and others in the race for the marketcaoitalization milestone
In 2021, the bitcoin price doubled to over $60,000 per bitcoin, allowing the bitcoin network a market capitalization of more than $1 trillion.
Bitcoin has a market capitalization of about $800 billion at its recent price of just over $40,000. In November of 2021, Ethereum, which is the second biggest cryptocurrency behind bitcoin, hit a market valuation of slightly over $500 billion.
However, crypto market pricing research has indicated that Bitcoin, Ethereum, BNB, XRP, Cardano, and other key cryptocurrencies might reach the $1 trillion milestones if they keep growing at their current rate.
According to studies from the digital asset industry evaluation and assessment website Crypto Head which ignored any coin built after January 1st, 2019, including the rapidly expanding, top ten coin Solana.
Bitcoin could come back to the trillion-dollar mark as soon as the beginning of 2023, with an average annual increase of 159 percent.
With a 308 percent yearly rate of increase, Ethereum is expected to become a trillion-dollar asset around the same time.
BNB and Cardano, two Ethereum competitors, are expected to reach a $1 trillion market valuation by 2024, with annual increase rates of 615 percent and 423 percent, respectively.
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.
With a market valuation of $9 million in 2019, the cryptocurrency with the greatest average yearly increase rate is fantom, which is on target to achieve the trillion-dollar level 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, founded by Jack Dorsey, could be following behind, with a trillion-dollar valuation in 2029.
The study excluded firms with no public market capitalization before the start of 2019, such as Binance and Coinbase.
Regardless of the fact that historical growth rates predict many prominent cryptocurrencies could hit new all-time highs in the next years, crypto market analysts are cautious about the short-term prognosis.
According to Paul Robinson, a strategist at DailyFX, Bitcoin traded off hard in the fourth quarter of 2021, but then experienced a duration of relatively aimless trading in the first quarter 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 went on to say that the recent price declines could make things even more choppy in the short term but owing to the nature of volatility and the fact that this is bitcoin, volatility is likely to rise again as we approach the middle of the year.
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