Grayscale Expands Its Top 20 List of Cryptocurrencies, Adding HYPE, ENA, VIRTUAL, JUP, JTO, and GRASS

Leading digital asset manager Grayscale Investments broadened its Top 20 list of cryptocurrencies on Monday by adding six new tokens with strong growth potential for the upcoming quarter.

Grayscale Adds 6 New Tokens To Top 20 List For Q2CY24, Including Ethena, Jupiter, Jito, Hyperliquid, Grass, Virtuals Protocol

Grayscale Investments, the leading digital asset manager, has unveiled its Top 20 List of cryptocurrencies for the second quarter of 2024 (Q2CY24). The list, which is published quarterly by Grayscale, now includes six new tokens that have shown strong growth potential for the upcoming quarter.

Grayscale has added Hyperliquid (HYPE) to the Top 20 List. HYPE is a Layer-1 blockchain token that powers the Hyperliquid Network, a high-throughput, low-latency blockchain designed for decentralized applications (dApps) and Web3 use cases. The network boasts a theoretical transaction processing capacity of 300,000 transactions per second (TPS).

Another addition to the Top 20 List is Ethena (ENA), a decentralized stablecoin protocol that aims to create a fully-collateralized, multi-chain stablecoin called Ethena Dollar (ED). ENA serves as the governance token for the Ethena ecosystem, allowing holders to participate in key decisions regarding the protocol's development and operations.

Virtuals Protocol (VIRTUAL) has also been included in the Top 20 List. VIRTUAL is an AI agent creator that enables users to build, customize, and deploy their own AI agents on the blockchain. These agents can autonomously perform various tasks, such as trading, gaming, and interacting with decentralized applications (dApps).

Moreover, Jupiter (JUP) has been added to the Top 20 List. JUP is the native token of the Jupiter decentralized exchange (DEX), a cross-chain liquidity aggregator that combines DEX and centralized exchange (CEX) features to offer traders optimal pricing and deep liquidity.

Jito (JTO) is a liquid staking protocol that allows users to earn staking rewards on their crypto assets without locking them up for extended periods. JTO serves as the governance token for the Jito protocol, granting holders the ability to participate in decision-making and vote on key proposals related to the protocol's development and operations.

Lastly, Grass (GRASS) has been included in the Top 24 List. GRASS is a decentralized data network that aims to create a Web3 data infrastructure. The network combines blockchain technology with decentralized storage and computing to enable efficient and scalable data management, processing, and exchange.

notably, Grayscale considered several metrics when selecting these tokens for the Top 20 List, including network adoption, upcoming catalysts, sustainability of fundamentals, token valuation, token supply inflation, and potential tail risks, among others, to identify assets with strong growth potential.

Grayscale also highlighted the focus on assets that align with key themes, such as the U.S. election and its potential impact on cryptocurrency regulation, decentralized AI technology, and growth in the Solana (SOL) ecosystem.

The Top 20 List includes a diverse range of assets, spanning different cryptocurrency sectors, such as decentralized finance (DeFi), artificial intelligence (AI), decentralized exchanges (DEXs), and Layer-1 blockchains, among others, to capture the broad spectrum of the crypto market.

This decision by Grayscale Research comes in the wake of a transformative forecast for the cryptocurrency industry in 2025. According to a study by Galaxy Research, the industry is set for significant advances in adoption, infrastructure, and regulatory clarity.

The research predicted Bitcoin (BTC) to surpass $150,000 in the first half of 202愉快, potentially reaching or exceeding $185,000 by the fourth quarter.

The inclusion of these new tokens in Grayscale's Top 20 List indicates the growing potential of assets tied to decentralized finance (DeFi) and artificial intelligence (AI), as well as the importance of assets that provide utility in the cryptocurrency ecosystem.