Bitcoin, Ethereum and other cryptocurrencies have fallen sharply since hitting all-time highs late last year.
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Bitcoin’s price soared twice to over $60,000 per bitcoin last year, giving the bitcoin network a market capitalization of over $1 trillion. Bitcoin’s current price of just over $40,000 gives it a market capitalization of almost $800 billion. Ethereum, the second-largest cryptocurrency after bitcoin, hit a peak market capitalization of just over $500 billion in November last year.
Now, crypto market price research has revealed when bitcoin, ethereum, BNB, XRP, cardano and other major cryptocurrencies could hit the $1 trillion mark. they continue to grow at their average annual growth rate.
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Bitcoin, with an average annual growth rate of 159%, could return to the billion-dollar mark as early as the start of 2023, according to a study by the digital asset industry analysis and analysis website Crypto Head , which excluded any coin created after January 1, 2019, including the solana of the top ten fast-growing coins. Ethereum, with an average annual growth rate of 308%, is also expected to become a trillion-dollar asset around the same time.
Ethereum rivals BNB and Cardano, with average annual growth rates of 615% and 423% respectively, are expected to reach a market capitalization of $1 trillion by 2024.
Further down the charts, Ripple’s XRP, which is currently the subject of a lawsuit with the Securities and Exchange Commission (SEC), has an average annual growth rate of 88%, putting it at the 1,000 level. billion by the end of 2028. The average annual growth rate is phantom at just over 5,000%, with a market capitalization of $9 million in 2019, it is on track to reach the mark of the trillion dollars in 2024.
Among crypto companies, Mike Novogratz’s Galaxy Digital Holdings could be the first crypto company to hit the trillion-dollar mark, which is expected to hit it in 2026, based on an annual growth rate of 488%.
Jack Dorsey’s Block, formerly Square, could follow closely, potentially reaching the trillion-dollar level in 2029. Companies with no public market capitalization before the start of 2019, including Binance and Coinbase, were excluded from the research.
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Despite historic growth rates suggesting that many major cryptocurrencies could reach new all-time highs in the coming years, crypto market watchers are uncertain about the near-term outlook.
“Bitcoin sold off hard in the last quarter of 2021, but then in the first frame of 2022 suffered a period of relatively directionless trading,” Paul Robinson, strategist at DailyFX, said in comments by email, adding, “Usually once bitcoin starts rolling, it doesn’t take long to generate a new level of interest in the market.”
Bitcoin’s price has swung wildly in recent months, lining up with equity markets, as traders come to terms with the Federal Reserve’s increasingly hawkish stance and weigh the economic cost of Russia’s war in Ukraine .
“The contraction in price action over the past three months could continue to make things even more choppy in the short term, but given the nature of volatility and the fact that this is bitcoin, volatility is likely to rise again as we head into the middle of the year,” Robinson said.
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Crypto Price Data Reveals When Bitcoin, Ethereum, BNB, XRP, Cardano, and More Could Surge
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