As the first half of 2024 draws near, the cryptocurrency market has seen a significant sell-off, eroding the market capitalization of many assets.
However, some cryptocurrencies still show strong potential for growth. Buoyed by strong underlying fundamentals, increasing community interest, and other favorable factors, these select cryptocurrencies could benefit if the market regains its bullish momentum.
Finbold has identified two cryptocurrencies likely to attract significant capital inflows in the first half of 2024, propelling them toward the $1 billion market cap mark. Notably, these assets are already nearing this significant milestone.
1. Synthetix (SNX)
Synthetix is a decentralized protocol on Ethereum (ETH) for issuing and trading synthetic assets. It addresses liquidity and slippage issues in decentralized exchanges (DEX), supporting synthetic fiat currencies, cryptocurrencies, and commodities.
Currently, Synthetix is trading at $2.93 with a market cap of $959,783,821. Given its proximity to the $1 billion mark, it only needs a modest increase in market capitalization to reach this milestone.
Recently, Synthetix has seen a massive surge in trading activity, with derivatives trading volume advancing by 208% over the past few days. This increase in trading volume has led to a 17.1% rise in open interest, now totaling $27 million.
The price of SNX is trading between the 50-day and 200-day EMAs, indicating uncertainty. However, the MACD line has advanced to a bullish trajectory, and the relative strength index (RSI) has risen above the 50 level, currently at 62.02, signaling bullish momentum.
2. Notcoin (NOT)
Notcoin (NOT) was initially introduced as a reward token for a Telegram game designed to onboard users to The Open Network (TON). Its unique application in the gaming world has garnered significant interest, contributing to its growth potential.
Currently trading at $0.00949 with a market cap of $957,457,791, Notcoin recently experienced a 115% rally from May 24 to May 28, facing resistance at $0.0099.
The RSI remained above the neutral 50 level, indicating bullish momentum. Fibonacci retracement levels show $0.0072 and $0.0066 as important support levels, with a rally towards $0.0112 and $0.0132 being more likely.
Notcoin’s strong performance and growing market cap suggest it is well-positioned to reach the $1 billion milestone soon. Key levels to watch include resistance at $0.010 and support at $0.0048 and $0.0051.
Notcoin’s market performance and strategic use in gaming position it to attract further investment. This could propel it past the $1 billion market cap in the first half of 2024.
Given the historical tendency of these cryptocurrencies to trade in line with the broader market, any short-term recovery in overall market sentiment will likely ignite a surge in buying pressure, contributing to the potential achievement of the $1 billion threshold.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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