Leading digital asset investment firm Grayscale has announced an updated list of 20 high-potential cryptocurrencies for the fourth quarter of 2024. The new additions include Sui (SUI), Bittensor (TAO), Optimism (OP), Celo (CELO), Helium (HNT), and UMA Protocol (UMA), while a number of assets have been removed from the list.
New High-Potential Cryptocurrencies
The inclusion of new cryptocurrencies in the list was made based on a research report by Grayscale's research team. These assets represent sectors of cryptocurrencies with high growth potential in the near future. Sui (SUI) catches attention with an 80% increase in transaction speed following a recent network update, making it one of the most attractive assets on the crypto market. Bittensor (TAO) integrates cryptocurrency and artificial intelligence (AI) technologies, opening up new unique opportunities for growth and further development. Celo (CELO) stands out due to its transition to an Ethereum layer-2 network, which has improved the adoption of stablecoins and crypto payment services. One of Ethereum's founders, Vitalik Buterin, noted Celo's success in developing crypto solutions in Africa. UMA Protocol, supporting the Polymarket prediction platform, is also a new addition, highlighting the importance of oracles in the blockchain-based prediction market.
Dominance of Bitcoin, Ethereum and Solana
Despite the emergence of new players, three major cryptocurrencies - Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) - continue to dominate Grayscale's portfolio. Bitcoin remains at the top due to the introduction of the Bitcoin ETF in the US market, which has strengthened its position this year. Favorable macroeconomic conditions also play a role in maintaining Bitcoin's competitiveness compared to other assets. Ethereum, while underperforming compared to Bitcoin recently, continues to be key in the development of blockchain applications. With the number of applications, developers, fee revenues, and total value locked (TVL) in its network, Ethereum demonstrates its significance and dominance in the crypto world. Solana maintains its position thanks to its efficient network technology and growing adoption, although it remains overshadowed by Bitcoin and Ethereum.
Excluded Assets
Along with the addition of new assets, Grayscale has excluded six cryptocurrencies from the previous list: Render (RENDER), Mantle (MNT), THORChain (RUNE), Pendle (PENDLE), Illuvium (ILV), and Raydium (RAY). While these assets continue to have value in the broader crypto ecosystem, Grayscale believes that the new selections offer higher potential returns and more balanced risks for the upcoming quarter.
The primary focus in selecting assets for Grayscale's new list has been projects related to decentralized artificial intelligence (AI), high-performance infrastructure, and unique adoption trends. This reflects the overall market trend towards AI integration and broader blockchain technology adoption across various sectors. Grayscale reminds investors about the risks associated with high volatility, smart contract vulnerabilities, and regulatory uncertainty. Nevertheless, with the right approach and understanding of market trends, the growth potential of these assets remains promising. With the new composition of Grayscale's list, the fourth quarter of 2024 promises to be interesting for crypto investors.
Comments