Grayscale: AI Related Assets Have Been The Best Performers In Crypto Year To Date

Grayscale just came out with “Research Insights: Crypto Sectors in Q3 2024” in which they break crypto into five sectors:

The report stated “Our Crypto Sectors framework shows mixed performance across the asset class year to date, despite large price gains for Bitcoin. Like public equity markets, crypto returns this year have lacked breadth”.

The report highlights that “A comparative bright spot has been assets partly adjacent to artificial intelligence (AI) technologies, which are found in both the Smart Contract Platforms Crypto Sector and the Utilities & Services Crypto Sector. These protocols attempt to solve AI-related problems (e.g., bots and deepfakes, privacy, model verification), provide resources that are critical to AI development (e.g., compute, storage, data), and/or offer a general platform for AI-related services (for more details, see our report The Emergence of AI and Crypto Synergies). Year to date, an equally weighted basket of AI-adjacent Crypto Sectors tokens has increased 80%, compared to the small decline for the crypto market as a whole”.

To better understand market trends, Grayscale incorporates data from Kaito related to “narrative mindshare” that tracks social media mentions for specific crypto market narratives by community members. AI is the dominant narrative in crypto today. Grayscale goes on to note that “While market focus may change, themes are often persistent, and measures of narrative mindshare may therefore offer clues to market performance in the months ahead”.

Of the 20 tokens highlighted for outperformance in Q3, two are AI related (Render and Akash).

The Collective is all in on the intersection of AI & Web3. We just completed the first cohort of our AI Web3 Accelerator. You can watch presentations from the ten members of Cohort #1 on the replay of our Demo Day on our YouTube channel.

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This content is for educational purposes only. It does not constitute trading advice. The author of this article may hold assets mentioned in the piece