As the broader cryptocurrency market experiences turbulence, some digital assets are showing resilience and strong growth potential. Despite market stagnation, certain altcoins are standing out, backed by solid fundamentals and increasing community interest.
Among these are Fantom (FTM) and Helium (HNT), both on the verge of crossing the $1 billion market cap by the end of 2024.
Fantom (FTM): Recovery and Growth
Fantom (FTM) is currently trading at $0.3546, with a market cap of around $994 million. The asset faced challenges in Q2, including a 46.71% decline in market cap, dropping from $3.19 billion to $1.7 billion. Despite this setback, Fantom’s year-over-year (YoY) growth remains robust, with its market cap still 94% higher than in Q2 2023.
The decline in Q2 was largely driven by the overall cryptocurrency market downturn and the Fantom Foundation’s rebranding to Sonic Labs. However, new strategic initiatives, like the Ecosystem Vault and Gas Monetization program, are expected to reignite growth. A significant reduction in transaction fee burn rates, from 30% to 5%, and the reallocation of these funds aim to boost network activity, revenue, and token demand.
Additionally, a late-Q2 recovery in on-chain activity—marked by an increase in active addresses and transactions—signals potential bullish momentum. If these trends continue, Fantom could surpass the $1 billion market cap by the end of 2024.
Helium (HNT): Expanding Infrastructure and Growth
Helium (HNT) is also making strides, currently trading at $6.74 with a market cap over $1Billion. Helium’s growth is driven by its pioneering role in decentralized physical infrastructure networks (DePIN). The network has seen rapid adoption, particularly through partnerships with traditional carriers and an expanding infrastructure that now includes nearly 16,000 hotspots.
Helium’s user base is growing quickly, with over 108,000 subscribers on its unlimited plan, reflecting strong growth and customer retention. New revenue streams from mobile carrier collaborations further bolster Helium’s market position. If this momentum continues, Helium is on track to surpass and keep it beyond the $1 billion market cap by the end of 2024.
Conclusion: Promising Paths Ahead
Both Fantom and Helium are on promising trajectories towards achieving a $1 billion market cap by the end of 2024. Fantom’s recovery in on-chain activity, coupled with Helium’s expanding infrastructure and subscriber growth, positions these projects well to capitalize on emerging opportunities in the digital asset space.