Solana (SOL) and Circle USD Stablecoin (USDC) Poised to Join the $100 Billion Market Cap Club in the 2024 Crypto Bull Run

Cryptocurrencies experienced massive losses this week as the “September Effect” started playing out in finance markets.

Cryptocurrency prices experienced a downturn this week as the “September Effect” began unfolding in finance markets. However, some analysts believe that this recent crash could be the last shake-out before the 2024 crypto bull run.

In this context, Finbold used market data to identify promising projects with strong growth potential for the last quarter. We examined leading cryptocurrencies that could reach the $100 billion capitalization mark in Q4 2024.

Market capitalization is a crucial metric for cryptocurrency investors as digital assets have varying economic models and supply dynamics, necessitating a common ground for fundamental analysis.

Solana (SOL) could reach a $100 billion market cap in Q4 2024 Among the cryptocurrencies with a market capitalization of over $100 billion, Solana (SOL) appears to be the most likely to join the ranks of Bitcoin (BTC), Ethereum (ETH), and Tether USD (USDT) before the year ends.

At press time, SOL trades at $129, with a capitalization of $60.20 billion. For Solana to reach this 2024 crypto bull run target, it would need to increase in value by 66%.

Solana is known for having one of the highest linear supply inflations in the industry. This characteristic will increase the current circulating supply of 467.5 million SOL, contributing to the market cap.

Solana's circulating supply is expected to increase by 7.42 million SOL in the following 100 days, considering a daily emission of approximately 74,200 SOL, according to data from TokenUnlocksApp.

Therefore, Solana will need to trade above $210 by the end of 2024 to have a $100 billion market cap. If this happens, SOL will reward today’s investors with over 60% gains. Circle USD stablecoin (USDC) in the 2024 crypto bull run Another cryptocurrency that could attract more demand and market value is the stablecoin Circle USD (USDC). The USDT alternative has gained market share and adoption over the years, which is expected to intensify in a 2024 crypto bull run.

Currently, USDC is a $35 billion coin that runs on dozens of blockchains. Each USDC is designed to maintain the U.S. dollar price at all times, but its market cap can still increase.

When someone exchanges U.S. dollars for USDC with Circle, the company issues new tokens and puts them into circulation. As a result, a growing market cap follows a growing circulating supply as demand increases.

Stablecoins capitalization is used by analysts as a way to gauge how much capital from traditional finance is entering crypto. In a bull run, the capitalization of USDC, USDT, and other stablecoins is expected to increase as capital flows into the space.

Having USDC reach a $100 billion market cap in the 2024 crypto bull run is not only possible but also likely. This would represent a three times growth for this asset alone, which has been approaching the popularity and liquidity of USDT.

With that, other cryptocurrencies are set to benefit as investors could be reallocating from the stablecoin to build their ideal portfolios, as Finbold suggested.

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