2 cryptocurrencies to reach $50 billion market cap by year-end 
Cryptocurrency Nov 9, 2024 Share
This week, the cryptocurrency market saw a notable surge following a strong Republican victory in the U.S. elections, with Donald Trump securing a second term. Bitcoin (BTC) reached a fresh all-time high, climbing above $77,000 on Friday as renewed optimism flooded the market.
This upward momentum has boosted Bitcoin and spurred growth across the broader crypto market, elevating major altcoins and setting some on a path toward key market cap milestones.
In light of this rally, Finbold has identified two altcoins, Avalanche (AVAX) and Dogecoin (DOGE), that exhibit strong potential to reach a $50 billion market cap by the end of the year, backed by unique growth drivers and increasing institutional interest.
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Avalanche (AVAX)
Avalanche has shown significant growth potential with its expanding role in real-world asset (RWA) tokenization, a sector increasingly integrated into the digital finance landscape.
Currently priced at $29.47 with a market cap of approximately $12 billion, AVAX has gained 7% in a single day and 17% over the past week.
AVAX market cap. Source: CoinMarketCap
The platform’s high transaction throughput, capable of handling up to 6,500 transactions per second, has positioned Avalanche as an attractive choice for tokenized finance. Notably, the project has also made headlines in the mainstream gaming landscape with ‘Off The Grid,” as Finbold reported.
This scalability has drawn major players, including Franklin Templeton, and Grayscale, to issue tokenized assets on Avalanche’s network, highlighting its credibility in supporting large-scale financial products.
Furthermore, Avalanche’s recent collaboration with Securitize, a leading protocol in tokenized securities, to tokenize a portion of ParaFi Capital’s $1.2 billion fund shows its growing influence in this space.
Moreover, there is speculation around a potential launch of BlackRock’s (NYSE: BLK) BUIDL tokenized fund on Avalanche, which, if realized, could significantly expand the platform’s reach in the U.S. market for tokenized assets.
The speculation centers around the same address that owns BUIDL on Ethereum, also owning BUIDL on Avalanche.
2/n The owner of BUIDL on Ethereum is the same owner as BUIDL on Avalanche.
BUIDL on Ethereum: 0x7712c34205737192402172409a8f7ccef8aa2aec
Owner of BUIDL on Ethereum: 0xe01605f6b6dC593b7d2917F4a0940db2A625b09eBUIDL on Avalanche: 0x53fc82f14f009009b440a706e31c9021e1196a2f
Owner… pic.twitter.com/Yvy1v0plzI— CryptoNoddy (@Crypto_Noddy) November 4, 2024
With its recent price surge and upcoming catalysts, AVAX has the potential to reach a $50 billion market cap by the end of the year, especially if it continues to attract institutional players and break through key resistance levels, especially the $32 mark.
Dogecoin (DOGE)
Dogecoin (DOGE) is also capitalizing on the post-election rally, gaining momentum from Donald Trump’s victory. Currently trading at $0.2092 with a market cap of $31.02 billion, DOGE has seen an impressive 32% gain over the past week.
DOGE market cap. Source: CoinMarketCap
Many enthusiasts view Trump’s win as a positive development for Dogecoin, as it could bring increased media attention, especially given Elon Musk’s playful support of the coin and his proposed Department of Government Efficiency (DOGE), which some see as a nod to the cryptocurrency.
Recently, the network witnessed notable whale movements of DOGE tokens and substantial inflows, indicating a highly positive market sentiment.
Key ecosystem developments, such as LibDogecoin and GigaWallet, are expected to further strengthen Dogecoin’s foundation, enhancing its adoption potential.
Should other major merchants follow Tesla (NASDAQ: TSLA), AMC (NYSE: AMC), and GameStop (NYSE: GME) in accepting Dogecoin as payment, DOGE could see even more upside. This adoption would reinforce its position in the market, pushing it closer to the $50 billion market cap milestone.
With strong institutional interest, strategic partnerships, and growing adoption, both Avalanche and Dogecoin are well-positioned to reach a $50 billion market cap by the end of the year.
However, given the inherent volatility in the cryptocurrency market, investors should approach these assets with caution, conduct thorough research, and prioritize projects with robust fundamentals to make sound investment decisions.
Featured image via Shutterstock