Crypto asset management company Grayscale recently released a research report stating that the cryptocurrency market in the fourth quarter of this year continued the volatile trend of the third quarter. Although the trend improved slightly at the end of the third quarter, the overall market sentiment was obviously cautious. , likely due to global economic uncertainty, continued changes in U.S. regulatory direction, and concerns about policy changes following the presidential election.
The report pointed out that several emerging technologies may begin to ferment in the fourth quarter, such as the rise of AI platforms, traditional asset tokenization (RWA), and the meme currency craze may also continue, while Bitcoin is still standing strong, although Ethereum The performance of Bitcoin lags slightly behind that of Bitcoin, but its position is still solid because of the large developer community and applications behind it. The study said that attention can be paid to "policy changes" and "technological innovations", as these two factors will play an important role in the fourth quarter.
It can be seen from the chart that the trend in the fourth quarter continued the shock of the previous quarter. Bitcoin has still performed much better than Ethereum since January 2023, as well as the Grayscale Crypto Market Index (CSMI) used to represent the overall cryptocurrency market. . Although most altcoins have not performed as well as Bitcoin, the second half of 2024 can see the gains brought to the market by new topics such as AI platforms, tokenization of traditional assets (RWA), and the meme coin craze.
Source:Grayscale The narrative is completely wiped out, but Ethereum can still hold on
According to the chart, Ethereum returns have lagged Bitcoin this year but still led the market, with overall industry index CSMI returns down 1% this year. Excluding Ethereum, the smart contract platform index fell by 11%, showing that Ethereum's own asset performance still maintains a certain level.
Judging from the indices produced by Grayscale according to application categories, the three types of indices, application tokens, payment tokens and consumer/cultural tokens, have no positive performance.
Source:Grayscale
Grayscale stated that Ethereum is still the leader of the smart contract public chain, with the most applications, the most developers, the highest 30-day network fee income, and the most smart contract lock value.
Grayscale believes that with the expansion of users, transactions and fees on the smart contract platform, the entire market has considerable potential. As the leader in the field of smart contracts, Ethereum will definitely be the primary beneficiary as the market matures in the future. In addition, Ethereum’s high stability, security, and endorsement by U.S. regulatory agencies also give it a clear advantage over competitors.
At present, there are many exciting technical applications in the Ethereum ecosystem, such as real asset tokenization (RWA), prediction market applications (Polymarket), etc., which make people full of expectations for the future of Ethereum.
As can be seen from the figure below, the market value of Ethereum is still far higher than that of other smart contract public chains, and the fee income is also outstanding; however, it can also be seen that compared with the high market value of Ethereum, its income is relatively higher than the market value of all public chains. , is less.
Source:Grayscale
(CoinShares report: Concerns about the long-term value of Ethereum, revealing the key to driving Ethereum)
Grayscale is optimistic about the Top 20 cryptocurrencies: adding SUI, TAO, OP
Grayscale has also updated its list of Top 20 cryptocurrencies. This list includes the more promising cryptocurrencies in the coming quarter. New additions include SUI, Bittensor (TAO), Optimism (OP), Helium (HNT), and Celo. (CELO) and UMA (UMA).
(SUI currency price has tripled since the bottom! Institutional report: Sui is Solana’s most powerful competitor)
Source:Grayscale
SUI: Developed by a team of former Meta engineers, it underwent a network upgrade two months ago that increased transaction speeds by 80% and surpassed Solana, leading to increased adoption.
Bittensor (TAO): Committed to building a global decentralized AI platform.
Optimism (OP): L2 Ethereum expansion plan.
Helium (HNT): Representative of the Decentralized Physical Infrastructure Network (DePIN), focusing on network resource allocation, connection and rewarding participants for maintenance.
Celo (Celo): A blockchain focused on developing stablecoins and payment applications in developing countries.
UMA: Provides the use of Polymarket oracles to confirm and record the results of events, ensuring that the decision-making process is fair and decentralized.
However, Grayscale also said that the prices of these assets fluctuate greatly and investment risks are high. In particular, the "US presidential election" may become a key factor in market fluctuations. Trump has obviously accepted the encryption industry, and He Jinli recently said that he will encourage artificial intelligence and Innovative technologies such as digital assets protect consumers and investors at the same time.
(He Jinli talks about the "opportunity economy" again, promising that the United States will dominate the fields of AI, quantum computing and blockchain)
This article Grayscale adds 6 new currencies to the Top20 list, and it looks like it will perform well in the next quarter. First appeared on Chain News ABMedia.
