Grayscale presented its most recent edition of “Crypto Sectors”, a report that attempts to understand and establish what are the catalysts that drive the price of cryptocurrencies from a comprehensive point of view. This report separates cryptocurrencies into sectors such as currencies; smart contract platforms; financial;, consumption and culture; and utilities and services.
From each of the sectors, the report includes 3 of the main representatives of the union. Source: Grayscale. So far this year, according to the report, crypto assets classified as “currencies”, that is, exchange value assets that function like money, such as BTC or XRP, have offered the best performance (It is worth clarifying that the Grayscale report is not considering memecoins, which have led the increases in 2024). On the other hand, culture cryptocurrencies, such as Bored Ape collections or metaverses such as Decentraland, have performed the worst.
Smart contract platforms have also delivered poor returns so far in 2024. Source: Grayscale.
AI and the importance of social media
Cryptocurrencies linked to artificial intelligence (AI) have been the tokens that have attracted the most interest this year. After the announcement of ChatGPT, the AI bot that revolutionized the way people interact with AIs.
After the initial boost, the tokens went down. Source: Greyscale.
Cryptocurrencies with the greatest growth potential
In addition to analyzing the past, Grayscale makes a future projection, showing which cryptocurrencies should be kept «on the radar» in the next quarter (July to September).
Top 20 Cryptocurrencies with the Most Growth Potential According to Grayscale. Source: Grayscale. Grayscale describes its top 20 as follows:
“The Top 20 represents a diversified set of assets across crypto sectors that we believe have high potential over the next quarter, due to a combination of (i) immediate catalysts or trending themes, (ii) favorable protocol-specific adoption trends, and (iii) low to moderate token supply inflation” GrayScale Crypto Sector Report
Bitcoin (BTC), ether (ETH) and solana (SOL) lead the list. These are the 3 cryptocurrencies that either have spot ETFs launched in the United States, or are in the process of launching. ETFs have been a major driver for the price of bitcoin and are expected to continue to be so for other cryptocurrencies as well. In fourth place is toncoin (TON)a cryptocurrency of the TON network that has many ties to Telegram, the popular messaging app. They remain on the list Chainlink (LINK) and Uniswap (UNI). These are two ERC-20 tokens from Ethereum. The Chainlink organization is working directly with large financial institutions such as JP Morgan. Uniswap, for its part, had an increase of almost 100% between May and June, although it remains in the eye of the hurricane before the SEC (since the regulator considers it an unregistered security). In seventh place is NEAR, a smart contract platform, in which several applications aimed at artificial intelligence are being developed. In eighth place is Rendera platform that allows sharing the computing power of graphical processing units (GPUs). Render is a token of the Solana network. In ninth place is Stacksa Bitcoin-linked smart contract platform that has benefited greatly from the BTC bull market. In tenth place is Mantlewhich belongs to the smart contract network sector, and has gained popularity thanks to the development of applications within the restaging sector. The following tokens and cryptocurrencies are Maker (MKR), lido (LDO), arweave (AR), thorchain (RUNE), Aave (AAVE), pendle (PENDLE), akash (AKT), illuvium (ILV), raydium (RAY), and aerodrome (AERO). Each of them, as can be seen in the table above, corresponds to various sectors of the cryptocurrency industry and, according to Grayscale, could give a lot to talk about over the next 3 months.