April is a pivotal month for the cryptocurrency market, with the Bitcoin (BTC) halving event anticipated to trigger bullish trends extending to the broader sector. As the month progresses, a long-term prevailing bullish sentiment permeates the industry, with multiple digital assets showing potential for sustained buying pressure that could impact their market capitalization.
Notably, some assets are nearing the $100 billion market cap threshold and are poised for potential rallies. Therefore, Finbold has identified two cryptocurrencies likely to surpass that mark.
These assets are already approaching the threshold, and their trajectory will depend on factors such as the continuation of the bull run and supply inflation.
BNB, the native token of Binance, has the potential to reach a $100 billion market cap, hinging on the exchange’s growth, which could drive increased demand for BNB and subsequent buying pressure. Besides being the native token of the world’s largest cryptocurrency exchange, several factors could potentially propel BNB to $100 billion.
For instance, BNB’s burning mechanism, where Binance periodically buys back and burns tokens, may contribute to its value appreciation and market cap growth by reducing the overall supply.
Additionally, activity within the BNB Chain ecosystem can further support its trajectory toward the $100 billion market cap. In the first quarter, positive metrics such as revenue, earnings, and BNB’s price were recorded, and the continuation of these metrics in April could be crucial for BNB’s valuation.
Amid bullish sentiments dominating BNB, the token reached a multi-year high of $632.80 on March 16 before undergoing a correction. Therefore, sustained bullishness in the market could lead to increased buying pressure.
With its current market cap of around $87 billion, BNB has a solid foundation to approach the $100 billion mark by the end of April, requiring just a 14% increase. As of the latest update, BNB was trading at $585 with daily losses of less than 1%.
Solana (SOL)
One notable characteristic of Solana (SOL) is its resilience, a factor that could drive its market cap to $100 billion. This resilience is evident despite recurring network outages, as Solana continues to trade above the $170 support zone.
The platform has already experienced growth fueled by the excitement surrounding meme cryptocurrencies launched on the network and the record-breaking decentralized exchange (DEX) trading volume, which reached approximately $60 billion.
Moreover, investor confidence in Solana is likely to strengthen as long as the network demonstrates commitment to resolving its ongoing outages. Solana CEO Anatoly Yakovenko acknowledged the frustration caused by recent congestion bugs on the blockchain, emphasizing the complexity of addressing such issues compared to resolving total liveness failures. These challenges require extensive testing and updates, slowing down the deployment process.
Additionally, the upcoming Bitcoin halving is expected to impact Solana’s price positively. Changelly, a cryptocurrency exchange and analytics platform, projects that Solana could reach $321 on April 20, the day of the Bitcoin halving. This analysis takes into account historical price data, market trends, and the overall sentiment surrounding Solana.
Currently, Solana’s market cap stands at $79.11 billion, meaning the asset would need to increase by 25% to reach the $100 billion milestone.
By press time, Solana was valued at $178, showing daily gains of nearly 2%.
It’s important to highlight that while backed by various fundamentals, the potential for the mentioned cryptocurrencies to reach the $100 billion threshold hinges significantly on the continuation of a bullish market momentum.
