What do Bitcoin and Ethereum both have in common? Aside from being two of the most popular cryptocurrencies, it’s these two coins that are tipped to be the first to hit a trillion-dollar valuation.
New research has revealed the cryptocurrencies that are on track to hit a trillion-dollar valuation the quickest – with two coins predicted to reach $1trillion next year.
The study by Crypto Head analysed the speed at which cryptocurrencies and crypto companies are growing. By calculating the average rate of market capitalisation across all years, the study was able to predict when each company will reach a trillion-dollar market cap.
Here are the cryptocurrencies that are projected to hit a trillion-dollar valuation first:
|Rank||Coin||Average annual growth rate (%)||Market cap 2022 (billion)||When will it hit $1trillion?|
The research suggests how Bitcoin and Ethereum could be the first coins to hit a trillion-dollar cap as early as next year, closely followed by the likes of Dogecoin and Cardano which are projected to tip the scale by 2024.
The cryptocurrency with the highest average annual growth rate happened to be Fantom. With an annual growth rate of 5044 per cent and with a market cap of $7billion in 2022, Fantom is on track to hit the trillion-dollar mark in 2024.
Turning its attention away from specific coins and towards specific companies, the study found how the investment management company Galaxy Digital Holdings will be the first crypto company to hit the trillion-dollar mark, predicted to reach it in 2026, based on an annual growth rate of 488 per cent. Likewise, the American digital payments company Block Inc. will find itself close behind, hitting the promised land in 2029.