The cryptocurrency market has faced selling pressure this week. The leading crypto Bitcoin made investors nervous with its decline. Amid this market movement, several altcoins are approaching major milestones. According to crypto expert Aneena Alex, two altcoins are poised to reach a market cap of $100 billion.
The first cryptocurrency: Solana (SOL)
SOL is trading around $166 as the crypto market fluctuates. Solana is well positioned to potentially reach a $100 billion market cap by the end of 2024, supported by strong institutional interest, growing network activity and solid derivatives data. In Q3 2024, institutional investments in Solana-based DApps increased. Thus, it reached $173 million, the highest level in more than a year. Therefore, this pointed out that trust in the ecosystem increased. This capital infusion will support Solana’s adoption and development, strengthening its position in the cryptocurrency market.
Solana market value. Source: CoinMarketCapThe latest meme coin craze has further increased user engagement. This increased network revenue from transaction fees to $4 million per day. It also broke a record with more than 8 million active addresses on the network. Solana also surpassed BNB Chain to become the second largest network in terms of TVL. However, it still lags behind Ethereum.
This gap has been narrowing in recent years, with developments such as Binance’s SOL liquid staking service among the best services in the Solana ecosystem, indicating additional growth potential. Meanwhile, in decentralized exchange (DEX) volumes, Solana recently surpassed Ethereum. This underlined its growing influence in the market. With these strong fundamentals, it is possible for Solana to continue the current rise in the cryptocurrency world. Thus, it is on track to reach a market value of $100 billion by the end of the year.
In second place is Binance Coin (BNB)
BNB currently ranks fourth in the cryptocurrency league with a market value of $82.95 billion. The token is trading around $575.65. Its current position makes it a strong candidate to reach a market cap of $100 billion by the end of the year. In particular, BNB Chain’s strong performance in decentralized exchange (DEX) trading supports this view. Because the network ranked third among the top networks in terms of volume in the last 30 days.
BNB market cap. Source: CoinMarketCapThis constant activity demonstrates BNB’s appeal among traders. It also highlights its importance in the decentralized finance (DeFi) sector. Increasing DEX volumes are driving the usage and demand of BNB as users participate in DeFi and trading activities. Additionally, BNB Chain’s regular token burn events continue to exert deflationary pressure on BNB’s supply. In its last burn, the network eliminated more than 1.77 million BNB worth approximately $1.07 billion. This decrease in supply, combined with increased usage and demand, creates favorable conditions for cryptocurrency prices to rise.
The opinions and predictions in the article belong to the expert and are definitely not investment advice. As Kriptokoin.com, we recommend that you do your own research before investing.
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