The post 2 cryptocurrencies to reach $100 billion market cap in September appeared on BitcoinEthereumNews.com.

The cryptocurrency market has been marked by significant volatility, with Bitcoin (BTC) making gains on August 17, crossing the $59,000 mark after a turbulent week of trading.  This upward movement is driven by speculation around a potential rate cut by the US Federal Reserve in their upcoming meeting. However, investor caution remains, as many are waiting for clearer signals before making decisive moves. Amid this backdrop, several altcoins are on the cusp of major milestones, with some approaching the $100 billion market cap threshold, positioning themselves for potential rallies in the near future. Finbold has identified two cryptocurrencies, BNB Chain (BNB) and Solana (SOL), that are likely to surpass this mark by the end of September. BNB Chain (BNB) BNB, currently priced at $597 with a market cap of $78 billion, is showing robust potential to reach a $100 billion market cap by September.  Several factors underpin this bullish outlook, particularly Binance’s recent re-entry into the Indian market, which could substantially boost BNB’s utility and investment appeal.  BNB market cap. Source: CoinMarketCap Furthermore, the Total Value Locked (TVL) on Binance Smart Chain (BSC) rose significantly from $3.6 billion to $4.27 billion between August 5 and August 17, indicating growing confidence in Binance’s ecosystem.  This increase in TVL suggests that investors are increasingly committing capital to the platform, reinforcing BNB’s role as a key asset within the Binance ecosystem. In addition to these fundamental developments, derivatives data from Coinglass signals a bullish sentiment among traders. The increase in open interest reflects growing trader engagement, often a precursor to significant price movements. Moreover, the long/short ratios across major exchanges, all exceeding 1.0, indicate that the majority of traders are positioning for a price increase, further solidifying the bullish outlook.  Additionally, the rise in options open interest by 8.15% highlights the growing confidence…

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Filed under: News - @ August 17, 2024 6:16 pm