Grayscale's research department recently announced a list of 20 coins with strong growth potential in Q4/2024, with 6 additional names: Sui, TAO, OP, HNT, Celo, and UMA.
Grayscale predicts 20 coins with strong potential for Q4 growth. Photo: The Block
Asset management giant Grayscale recently released a study to analyze and assess trends in the digital asset market on a quarterly basis.
This is a quarterly activity of Grayscale to keep up with trends as well as monitor the development of the cryptocurrency market, thereby being able to update data for Crypto Sector Index Series (CSIS) - Cryptocurrency Sector Index product line deployed through cooperation with FTSE Russell , a subsidiary of the London Stock Exchange (LSE).
The highlight of this Q4/2024 research is the list of 20 cryptocurrencies predicted to have strong growth next quarter, selected by Grayscale itself after analyzing hundreds of projects based on many criteria.
Grayscale Research announced its Top 20 list featuring assets that, in our view, have high potential* for Q4 based on upcoming catalysts, trending market themes, and Token-specific fundamentals.
— Grayscale (@Grayscale) September 26, 2024
Read the full Report: https://t.co/CAfxiF18kH pic.twitter.com/QwpySro7Ne
Besides the names that are always on this list every quarter such as Bitcoin, Ethereum, Solana, Chainlink, Uniswap, AAVE, Lido DAO... this 4th quarter has the appearance of additional coins as well as the removal of some coins.
Accordingly, Grayscale said that there are 6 cryptocurrencies added to the Top 20 list of Q4/2024 , including:
- Sui (Sui) : A high-performance Layer-1 smart contract blockchain with innovative applications.
- Bittensor (TAO) : Platform enabling the development of open and global AI systems.
- Optimism (OP) : Ethereum scaling project based on Optimistic Rollups , a type of scaling solution.
- Helium (HNT) : A decentralized wireless network running on Solana, and the leading project in the decentralized physical infrastructure network ( DePIN ) category.
- Celo (Celo) : A mobile-first Layer-1 blockchain project, has “transformed” into Ethereum Layer-2, focusing on stablecoins and payments.
- UMA Protocol (UMA) : The oracle system that powers Polymarket , a leading blockchain-based prediction market.
20 coins predicted by Grayscale to have strong growth potential in Q4
The addition of these 6 projects to the Top 20 coins is explained by Grayscale as a reflection of the crypto market trends they are focusing on:
- Sui and Optimism are considered high performance infrastructures that have seen many breakthroughs in the ecosystem as well as wider usage.
- Celo and UMA both benefit from unique adoption trends that are prediction markets and stablecoin usage.
- Helium is a reflection of the leading project in the DePIN portfolio and has sustainable revenue, having scaled to over 1 million access points and 100,000 mobile subscribers, generating over $2 million in network fee revenue YTD.
- Bittensor is arguably the first Crypto + AI project to make the list thanks to its improvement in market structure, while creating a global decentralized and innovative platform for AI.
Notably, among the 6 names added this time, there are 2 projects Sui and Bittensor, which were newly established as investment trust funds by Grayscale last August.
We have updated the Grayscale Research Top 20.
— Grayscale (@Grayscale) September 26, 2024
This quarter's new assets are $ Sui , $TAO , $ OP , $ HNT , $ Celo , and $ UMA .
If there is an addition, there will be a purge. To put 6 trending projects on the list, Grayscale also chose to remove 6 names : Render Network (RENDER), Mantle Network (MNT), THORChain (RUNE), Pendle Finance (Pendle), Illuvium (ILV) and Raydium (RAY).
Grayscale said the value of each of these projects remains high and remains an important element of the crypto ecosystem. However, in terms of the potential for strong earnings growth next quarter, these six names do not fit the criteria.
Commenting on the digital asset with the largest market Capital , Bitcoin , Grayscale said that Bitcoin still maintains its dominant position in the crypto market, possibly due to the successful launch of Bitcoin spot ETFs in the United States earlier this year combined with favorable macro conditions.
Regarding Ethereum specifically, Grayscale found:
- This blockchain is facing strong competition in the Smart Contract Platforms space from some of the more prominent protocols like Solana, Toncoin, TRON, Near, Sui in terms of fee revenue and user experience.
- However, Ethereum has many advantages that help maintain its position, including: Industry leading project, large number of applications, huge developer base, 30-day fee revenue, high number of daily active users, and highest value locked in smart contracts.
- Ethereum remains an attractive asset in this space because of its unique characteristics such as: Network reliability, high economic security, good decentralization and clear legal status in the United States.
- The Ethereum ecosystem is also seeing positive trends like Tokenize, prediction markets, and the involvement of major companies like Sony .
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