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Bitcoin, ethereum and other cryptocurrencies have fallen sharply since hitting all-time highs late last year.
The bitcoin price twice surged to over $60,000 per bitcoin last year giving the bitcoin network a market capitalization of over $1 trillion. The current bitcoin price of just over $40,000 gives it a market cap of almost $800 billion. Ethereum, the second-largest cryptocurrency after bitcoin reached a peak market cap 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 if 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 trillion-dollar mark as soon as early 2023, according to research from digital asset industry review and analysis website Crypto Head—which excluded any coin created after January 1 2019, including the fast-growing, top ten coin solana. Ethereum, with with an average annual growth rate of 308%, is also projected 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 forecast to hit a $1 trillion dollar market cap by in 2024.
Further down the charts, Ripple’s XRP, currently the subject of a Securities and Exchange Commission (SEC) lawsuit, has an average annual growth rate of 88%, putting it at the $1 trillion level by the end of 2028. The cryptocurrency with the highest average annual growth rate is fantom at just over 5,000%, with a market cap of $9 million in 2019, its on track to hit the trillion-dollar mark in 2024.
Among crypto companies, Mike Novogratz’s Galaxy Digital Holdings could 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%.
Jack Dorsey’s Block, formerly Square, could be close behind, potentially hitting the trillion-dollar level in 2029. Companies with no public market capitalization prior to the beginning of 2019, including Binance and Coinbase, were excluded from the research.
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Despite historic growth rates suggesting many major cryptocurrencies could hit fresh all-time highs in coming years, crypto market watchers are uncertain about the short-term outlook.
“Bitcoin sold off hard during the last quarter of 2021, but then during the first frame of 2022, it underwent a period of relatively directionless trading,” Paul Robinson, strategist at DailyFX, said in emailed comments, adding, “typically, once bitcoin gets rolling it doesn’t take long to muster a fresh level of market interest.”
The bitcoin price has swung wildly over the last few months, moving in line 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.
“Contracting price action over the last three months could continue to make things even choppier in the near term, but given the nature of volatility and the fact that this is bitcoin, volatility is likely to ramp up again as we head towards the middle of the year,” said Robinson.