August was a challenging month for cryptocurrency investors who experienced portfolio losses in an unfavorable overall market performance. With September arriving, Finbold looked into solid cryptocurrencies that could bounce up and reach a $5 billion market cap.
Market capitalization is a popular benchmark for accessing an asset’s nominal value, multiplying the price by its circulating supply. It is particularly important in the cryptocurrency landscape, considering each crypto can have an arbitrary supply and tokenomics.
In this story, we have selected the two most likely projects to break the $5 billion capitalization threshold in September. However, there are no guarantees that it will happen, and each cryptocurrency’s performance will depend on multiple factors moving forward.
Litecoin (LTC) to retake the $5 billion market cap
First, Litecoin (LTC) is the closest cryptocurrency to the $5 billion mark, currently with a $4.90 billion market cap. LTC now trades at $65.95 per coin, having traded as low as $61.75 in the last seven days.
With a circulating supply of 74.90 million LTC, the most popular Bitcoin (BTC) fork must trade at $66.75 to reach $5 billion capitalization – an easy 1.21% upward movement.
Litecoin (LTC) market data. Source: Finbold
Notably, Litecoin benefits from lower transaction fees and confirmation time than Bitcoin. It has one of the strongest network effects in the cryptocurrency industry and is highly supported by many service providers.
Moreover, LTC has shown a solid growth in these providers as one of the most popular means of payment. Finbold reported some of these accomplishments according to data from Bitpay, Coingate, and, most recently, Bitrefill.
This increasing demand can fuel Litecoin’s positive performance, not only in September but also during an upcoming bull market.
Near Protocol’s (NEAR) promising September
Second, Near Protocol (NEAR) follows Litecoin in the 24th position by market cap, with a $4.6 billion nominal value. Its native token, NEAR, trades at $4.13 with a 1.1 billion circulating supply and continuous supply inflation.
NEAR traded as high as $4.25 and as low as $3.95 in the last seven days. Essentially, it needs to trade above $4.54 to reach the $5 billion capitalization target.
Near Protocol (NEAR) market data. Source: Finbold
The Near Protocol offers a highly scalable layer-one network for smart contracts and decentralized applications. Its focus is currently on decentralized artificial intelligence (AI) and chain abstraction, which makes it easier to use the protocol.
In summary, both Litecoin and Near are close to reaching a $5 billion market cap in September, recovering from August’s crash. However, the market is unpredictable, and these assets could still experience further negative performance despite the promising scenario.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
The post 2 cryptocurrencies to reach a $5 billion market cap in September appeared first on Finbold.
