Grayscale Predicts 20 Potentially Rising Coins in Fourth quarter

Grayscale's research department recently released a list of 20 coins with the potential to rise sharply in Q4/2024, with 6 additional names: SUI, TAO, OP, HNT, CELO, and UMA.

The asset management giant Grayscale recently released a study to analyze and assess the trends of 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 the Crypto Sector Index Series (CSIS) - a Crypto 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 in the next quarter, selected by Grayscale itself after analyzing hundreds of projects based on many criteria.

In addition to the names that have always been on this list every quarter such as Bitcoin, Ethereum, Solana, Chainlink, Uniswap, Aave, Lido DAO... this quarter has the appearance of adding and removing 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.
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• Bittensor (TAO): A platform that facilitates the development of open and global AI systems.
• Optimism (OP): Ethereum expansion project based on Optimistic Rollups, a type of scaling solution.
• Helium (HNT): A decentralized wireless network running on Solana, and a leader in the Decentralized Physical Infrastructure Network (DePIN) category.
• Celo (CELO): A mobile-first Layer-1 blockchain project that has “transformed” into Ethereum Layer-2, focusing on stablecoins and payments.
• UMA Protocol (UMA): An oracle system that powers Polymarket, a leading blockchain-based prediction market.

Grayscale explains that the addition of these six projects to the Top 20 is 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 broader adoption.

Celo and UMA both benefit from unique adoption trends such as prediction markets and stablecoin usage.

Helium is a reflection of the leading project in the DePIN category and has sustainable revenue, having expanded to over 1 million access points and 100,000 mobile subscribers, generating over $2 million in network fee revenue year-to-date.

Bittensor can be said to be the first Crypto + AI project to be included in the list thanks to its improvement in market structure, while creating a global decentralized platform and innovation for AI.

Notably, among the 6 names added this time, there are 2 projects Sui and Bittensor, which were newly established investment trust funds by Grayscale last August.

If there is an addition, there will be a purge. To include 6 projects that are in line with the trend in 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 that the value in each of these projects is still high and is still an important factor in the cryptocurrency ecosystem. However, if considering the ability to grow strong profits next quarter, the 6 names above will not be suitable for this criterion.

Commenting on the digital asset with the largest market capitalization, Bitcoin, Grayscale said that Bitcoin still ensures 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 a favorable macro situation.

Regarding Ethereum specifically, Grayscale observed:

This blockchain is facing strong competition in the Smart Contract Platforms space from some of the more prominent protocols such as 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 witnessing positive trends such as tokenization, prediction markets, and the participation of large companies such as Sony.