Is the crypto market slowly shifting from speculation to focusing on real fundamentals? This could be a sign of the maturity of the entire industry. Lately, at major events like Token2049 and Breakpoint, one idea has been constantly mentioned among developers and investors: a return to fundamentals.
This idea reflects that the crypto market is gradually moving past the “enlightenment slope” of Gartner’s hype cycle. Instead of focusing solely on hype, capital allocation will now be more closely linked to real business metrics that reflect product-market fit, rather than just chasing a fad.
Theory Tested: 5 Biggest Gainers in the Last 60 Days
Let's test this theory with a list of the top 5 coins with the strongest price increase in the past 60 days, among the top 100 coins by market capitalization:
5. Fantom (FTM)
Fantom, the prominent L1 blockchain of 2021, rebranded as Sonic earlier this year. However, Fantom's recent price surge has not exactly been supported by strong fundamentals, as the network has posted net losses for three consecutive quarters.
4. Helium (HNT)
Helium, a decentralized wireless network, has seen impressive growth with a 4.4x increase in subscribers to 115,264. This has helped Helium achieve $3.5 million in annual revenue (ARR) and create real value through data credit burning. This is a clear example of HNT’s value increasing based on strong fundamentals.
3. Bittensor (TAO)
Bittensor, the gold token of the Crypto/AI space, despite its complex business model, has not recorded much revenue from its operations. Although TAO has seen a strong price increase, this does not reflect support from real fundamentals.
2. Aave (AAVE)
Of these five examples, AAVE is perhaps the coin with the strongest fundamentals supporting its price increase. Aave currently holds 63% of the lending market share in DeFi, and its total value locked (TVL) has doubled to $20.6 billion. Revenue from Ethereum, Polygon, Arbitrum, Avalanche, and Optimism networks has reached $66.6 million over the past year, surpassing the peak of the 2021 bull run.
1. Sui (SUI)
Sui, an L1 blockchain, has grown its TVL from $242 million to $1.2 billion this year. However, TVL is susceptible to manipulation and is not a reliable fundamental indicator. Sui has generated $3.51 million in transaction fees over the past three months, but the Sui Foundation’s token issuance remains uncertain.
Is the Crypto Market Really Returning to 'Fundamentals'?
The answer depends on your perspective. While there are positive signs of a shift toward fundamentals, it is clear that not all cryptocurrencies are backed by solid business metrics. However, the commercialization of the cryptocurrency market also presents a great opportunity to have a broader impact, beyond the original goals of the founders.
