With the arrival of September's decline, the currency market seems to be shrouded in gloom, but this may also be the last jump auction before the advent of "Uptober". This article only quotes the views of Vinicius Barbosa, an analyst at foreign media "Finbold", discussing two cryptocurrency projects that may exceed US$100 billion in market value in the next market.
Solana($SOL)
Solana has the best chance of joining Bitcoin, Ethereum, and Tether as an altcoin with a market capitalization of over $100 billion by the end of the year. At the time of writing, the price of Solana ($SOL) is US$128, with a total market value of more than US$60 billion. With the goal of reaching US$100 billion by the end of 2024, the price needs to increase by 66%. However, Solana ($SOL) has always been known for its largest linear unlocking period, which will contribute to the growth of market capitalization.
According to Token Unlocks data, Solana ($SOL) is issuing more than 74,000 new coins every day, which leads to more than 7.4 million additional Solana coins being issued in 100 days. Therefore, if the price of Solana ($SOL) reaches $210 before the end of this year, the market capitalization will exceed $10 million, bringing a gain of more than 60% to investors today.
Circle USD（$USDC）
Stablecoins have always been the biggest demand in the currency circle. As a competitor of Tether USD ($USDT), $USDC has a market value of US$35 billion. Even though the value of $USDC is anchored to the US dollar at a ratio of 1:1, its market value is still There is great potential for growth. $USDC currently runs on dozens of different blockchains, and every time an institution mortgages dollars to Circle, the stablecoin issuer mints new $USDC and circulates it in the market. Therefore, as demand increases, the supply of $USDC will continue to grow, further pushing its market value upward.
$USDC Market Cap Growth Dilemma
Analyst Barbosa analyzed two cryptocurrencies that may reach $100 billion by the end of 2024, namely Solana ($SOL) and Circle USD ( $USDC). In terms of market value, $USDC is obviously still a long way from US$100 billion. According to DefiLlama, the total market value of stablecoins is now US$170.1 billion. Among them, Tether has nearly 70% of the market share, with a market value of US$120 billion, $ USDC follows closely behind.
Source: DefiLlama Stablecoin market value hits new high in two years
The all-time high of total stablecoin market capitalization occurred on April 2, 2022, when stablecoin ATH reached $188.3 billion (and then... you know), fueled by Terra/Luna ($UST); however, based solely on Now that the physical reserves of stablecoins have reached US$170 billion, if the market share of Tether and Circle remains unchanged, the total market value of stablecoins needs to rise to US$500 billion to achieve a $USDC market value of US$100 billion. While this scenario is not impossible, it is obviously extremely challenging given the rate at which the cryptocurrency market is growing.
Tokenized track (RWA) is expected to become an accelerant
Tokenized money markets may be a viable solution, such as $USDY issued by Ondo Finance, a stablecoin based on physical reserves of short-term U.S. Treasuries that allows users to purchase it through $USDC. RWA.xyz data shows that the current market value of $USDY is US$395 million; and according to previous reports by "CryptoCity", traditional financial giant BlackRock is continuing to invest in Ondo Finance ($ONDO). This move is expected to steadily increase Ondo Finance's Tokenized asset ($USDY) issuance and $USDC usage will accelerate the growth of its market value.
Source: RWA.xyz Current status of the tokenized U.S. bond market
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
