- Grayscale’s report highlights several Ethereum-based tokens.
- Artificial intelligence (AI) is a prominent theme in many of the selected assets.
Grayscale Identifies Top 20 Cryptocurrencies with High Growth Potential for Q3 2024
Grayscale’s research team has released an updated list of cryptocurrencies and tokens to watch for the third quarter of 2024. The latest edition of their “Crypto Sectors” report provides an in-depth analysis of the factors driving cryptocurrency prices.
Comprehensive Sector Breakdown
The report categorizes cryptocurrencies into several sectors: Currencies, Smart-Contract Platforms, Finance, Consumer and Culture, and Utilities and Services. Each sector features three main representatives.
According to the report, cryptocurrencies classified as “Currencies” have led the growth in 2024, excluding memecoins which also saw significant increases. In contrast, culture-related cryptocurrencies, such as Bored Ape collections and metaverses like Decentraland, performed poorly. Smart-Contract Platforms have similarly experienced weak returns this year.
The Impact of Artificial Intelligence and Social Networks
Cryptocurrencies linked to artificial intelligence (AI) have garnered substantial interest in 2024. The introduction of ChatGPT, a revolutionary AI bot, significantly influenced how people interact with AI. Despite an initial surge, these tokens have since seen a decline.
Forecasting Future Performances
Grayscale’s report doesn’t just analyze past performances but also predicts future trends. It identifies the top 20 cryptocurrencies expected to show the greatest growth potential from July to September 2024. These predictions are based on immediate catalysts, adoption trends, favorable protocol-specific conditions, and low to moderate token supply inflation.
Bitcoin (BTC), Ether (ETH), and Solana (SOL) top the list. These three cryptocurrencies are either the subject of existing or upcoming spot ETFs in the US, with ETFs historically driving Bitcoin prices and expected to influence other cryptocurrencies similarly.
Toncoin (TON) ranks fourth. This cryptocurrency is tied to the TON network, which has strong connections to Telegram, the popular messaging app. Chainlink (LINK) and Uniswap (UNI) also remain on the list. Chainlink collaborates with major financial firms like JP Morgan, while Uniswap saw nearly a 100% increase between May and June, despite regulatory scrutiny from the SEC.
Near Protocol (NEAR), another Smart-Contract Platform, ranks seventh. It is notable for developing AI-focused applications. Render, a Solana network token enabling shared GPU computing power, is eighth. Stacks, a Smart-Contract Platform linked to Bitcoin, and Mantle, known for its Resting applications, follow in ninth and tenth positions, respectively.
The remaining top 20 includes Maker (MKR), Lido (LDO), Arweave (AR), Thorchain (RUNE), Aave (AAVE), Pendle (PENDLE), Akash (AKT), Illuvium (ILV), Raydium (RAY), and Aero (AERO). Each of these tokens represents different sectors within the cryptocurrency industry, offering diverse opportunities for significant discussions in the coming months.