In race for trillions: Crypto giants to hit $1t by 2023

By Puja Sharma

If the Crypto giants, Bitcoin, and Ethereum continue to experience a similar level of growth in the coming years, they will be on track to reach a $1t market capitalization by just 2023.

Research has revealed that cryptocurrency companies are on track to hit a trillion-dollar valuation the quickest, with two coins predicted to reach $1t next year. A Crypto Head study analysed the speed at which cryptocurrencies and crypto companies are growing by calculating the average rate of market capitalisation across all years, and the team was able to predict when each company will reach a trillion-dollar market cap.

The research suggests Bitcoin and Ethereum could be the first to hit a trillion-dollar cap. The crypto giant, Bitcoin, is the largest and most widely used cryptocurrency to date, revolutionizing the global digital economy since its launch in 2009.

Since 2019, Bitcoin has experienced 159% of market capitalisation growth. If the company continues to experience a similar level of growth in coming years, that puts Bitcoin on track to reach a $1 trillion market capitalization by just 2023.

While the cryptocurrency market is still volatile, there’s no denying that cryptocurrencies have more value now than ever before. One of the most widely used cryptocurrencies in the world, Ethereum is a platform for trading digital currencies and NFTs. Ethereum could be on track to reach a value of $1t by 2023 if its market cap continues to grow at a rate it has witnessed over the last few years.

Bitcoin’s standout performance is highlighted by its ability to have reached the milestone much faster than other mainstream financial assets. The cryptocurrency took just 12 years to hit this record peak, while mega-cap US tech companies took much longer, according to a research report from CryptoParrot.

Crypto firm Galaxy Digital Holdings has seen a 488% average yearly growth rate, since 2019. If the company’s market capitalization value rises at the same rate over the coming years, it could reach a $1 market cap by 2027.

Previously known as Square Inc., Bloc Inc. is a mobile payment and merchant services platform and cryptocurrency firm. With a 69% average growth rate per year over the past few years, Bloc Inc. could be set to hit a $1 trillion market capitalization value by 2029 if similar growth continues.

The cryptocurrency with the highest average annual growth rate is Fantom at 5044%, with a market cap of $9m in 2019, it’s on track to hit the trillion-dollar mark in 2024. Embedded Analytics and business intelligence company MicroStrategy offers a bitcoin investing strategy. Most of the company’s value comes from its Bitcoin holdings, and MicroStrategy has witnessed a 64% average annual growth rate since 2019. If the firm sees continuous growth at around 64% in the coming years, it could reach $1 trillion by just 2034.

Bitcoin and Ethereum are projected to be the first cryptocurrency companies to hit the trillion-dollar mark, as early as next year. Dogecoin and Cardano (amongst others) could reach the trillion-dollar cap in 2024.