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Crypto Market Soars to $2 Trillion: The Catalyst for a 400% Surge in Crypto Industry Leading Tokens

23 February 2024 12:48, UTC

The all-time high for the global cryptocurrency market was beyond $3 Trillion. During the crypto winter of 2022, the market size shrunk down to $800 Billion. Majority of cryptocurrencies saw the dip and traded at the lows. However, tables are turning now and not only the crypto tokens but the broader crypto market is in uptrend.

Global crypto market cap hits $2 Trillion after chasing the milestone for the past several weeks. Rally in many leading cryptocurrencies has contributed significantly in bolstering the market cap. The common belief is that the Bitcoin ETF approvals was the turning point for the crypto market to start uptrend. And since the next Bicoin halving is two months away, the anticipation of a bull market is higher.

This points towards the inflow of institutional money in the decentralized crypto market. Nevertheless, analysts and experts ensure the crypto market is evolving and becoming mature which affirms the utility tokens are going to take the center stage. The utility tokens serve a purpose through blockchain technology. A large number of blockchain based projects emerged in the recent years focusing on resolving inherent issues across the industries.

The native tokens to these projects, XRP ($XRP), Morpheus.Network ($MNW), Filecoin ($FIL), Maker ($MKR) are not only making the difference but also leading the specific sector. Given the utilities, analysts expect these tokens are in position to see up to 400% surge in their value in the coming bull run.


Payment protocol Ripple uses XRP tokens for cross-border payments and gained popularity worldwide. Many institutions have used XRP for international payments. Several countries such as Republic of Palau, Colombia, and Montenegro have partnered with Ripple for development of blockchain infrastructure in the regions.

The cryptocurrency is spreading its reach around the world and got rid of a lawsuit filed by the US SEC. The court ruled in favor of XRP stating it is not a security, which according to the community is similar to giving the crypto asset a legal validity.

There are also conversations going on around the crypto space that asset management firms such as BlackRock might bring an exchange traded fund (ETF) for $XRP similar to Bitcoin ETF. In response, Ripple CEO said “we would certainly welcome it” when asked if they are going to support the alleged XRP ETF.

The yearly range for $XRP token stays between $0.39 to $0.54. In the past year, the token has increased by more than 37%. The community believes the Ripple vs SEC was capping the $XRP token for a long while now that the ruling has come out, the token is likely to see unprecedented highs. The short-term projection for the token is at $1.

Morpheus.Network ($MNW)

The evolution of the cryptocurrency domain has highlighted blockchain technology’s critical role. This advanced technology has captivated industry leaders and executives worldwide. Morpheus.Network introduces blockchain-powered solutions to address the pressing challenges within the supply chain industry.

Morpheus.Network operates as a middleware provider leveraging blockchain to enhance efficiency and transparency in managing global supply chains. It specifically aims to tackle the intricate issues prevalent in supply chains, striving for effective resolution.

With its reputation for excellence, Morpheus.Network has garnered the trust of globally recognized corporations, including Coca-Cola, Gulftainer, Sobeys, and Marsh Insurance. Its involvement in esteemed programs such as the Google Accelerator Canada and the Microsoft Startup Founders Hub, along with partnerships with governments in Brazil, Uganda, and Argentina, underscores its commitment to advancing blockchain applications in agriculture and beyond.

Morpheus.Network ensures the reliability and performance of its platform through the implementation of masternodes. These masternode operators are rewarded with specific tokens for their service. Functioning within a decentralized framework akin to conventional servers, these nodes are intentionally crafted to strengthen supply chain operations.

Masternodes offer significant benefits to blockchain infrastructures, including immediate transactions, improved governance, and enhanced security. To assume the role of a masternode operator within Morpheus.Network, individuals are required to stake 1,800 $MNW tokens, demonstrating their commitment to the network’s success. In exchange for their services, operators can earn an annual percentage yield (APY) of up to 18%, acknowledging their contributions to network enhancement.

$MNW token is trading at $1.18 after increasing more than 10% in the weekly time frame. The token has shown resilience during the rough crypto winter phase and navigated through without compromising much on value. The changing trends from speculations to preferring utility tokens is going to benefit the $MNW token. The token seems to be undervalued considering the offerings and 400% increase is attainable.

Filecoin ($FIL)

Filecoin ($FIL) is a decentralized storage network designed to store humanity’s most important information. It enables users to rent out spare storage space on their computers, creating a market for data storage and retrieval.

Native token $FIL used for transactions on the Filecoin network. Miners earn $FIL by providing storage capacity and retrieving data, while users spend $FIL to store and access their data. This system aims to be more efficient and less costly than traditional cloud storage solutions, while also offering enhanced security and privacy through its decentralized nature.

The storage network protocol recently joined hands with Solana ($SOL) for an integration with one of the leading Layer 1 blockchain networks. Going forward, Solana’s block history would be hosted by Filecoin. This strengthens the decentralization of Solana by enabling its ecosystem and infrastructure projects to shift away from centralized data storage options.

The instance pushed the already increasing $FIL token price. The token price saw a rise of nearly 30% in the past week reaching $7.2 in trading price. Analysts see $FIL to hit $17 to $25 in the short term given the ongoing trend and sentiments around the token.

Maker ($MKR)

Maker ($MKR) is a pivotal component of the MakerDAO, a decentralized autonomous organization on the Ethereum blockchain that oversees the DAI stablecoin. DAI aims to maintain a stable value close to one US dollar, achieved through smart contracts and collateralized assets.

$MKR token serves multiple roles within this ecosystem, primarily in governance, allowing holders to vote on critical decisions affecting the protocol, such as collateral types and risk parameters. Additionally, the native is used to pay stability fees accrued on DAI loans, and it’s burned as part of the system’s self-balancing mechanism, which aims to maintain DAI’s stability and value.

The decentralized autonomous organizations (DAOs) were the offerings that the world had never seen before. MakerDAO has made a name for itself in the space and stood still despite the headwinds in the DeFi space.

The journey of the $MKR token in the last year proves the resilience. The token is up by more than 160% in the one year and is trading at $2,068. $MKR community sees the token parting the distance with new highs and moving ahead for a breakout soon.