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As 2024 draws to a close, Grayscale Research has published its updated list of the top 20 crypto assets expected to perform well in the upcoming quarter. The list features six new altcoins, including Hyperliquid (HYPE), Ethena (ENA), Virtual Protocol (VIRTUAL), Jupiter (JUP), Jito (JTO), and Grass (GRASS).

Grayscale Research notes that these updates are influenced by themes surrounding the implications of the US elections, advancements in decentralized AI technologies, and growth within the Solana ecosystem. The team forecasts these will be key themes for Q1 2025.

Decentralized AI platforms were previously included on Grayscale’s Q4 2024 list, featuring Bittensor (TAO). For the next quarter, there is a heightened emphasis on this sector with the inclusion of VIRTUAL and GRASS.

Launched in October 2024 on Base, Virtuals Protocol allows users to create, deploy, and monetize AI agents without requiring technical expertise. The VIRTUAL token hit $1.4 billion in market value within one month of launch. At press time, it is the largest AI agent coin with a market cap of $3.4 billion, according to CoinGecko data.

Tapping into both the growing AI and Solana ecosystems, Grass is a decentralized network built on Solana’s layer 2. It allows residential users to contribute their unused internet bandwidth through nodes, which collect public web data for AI training. The GRASS token has soared around 160% since its launch in late October, per CoinGecko.

Meanwhile, Hyperliquid has emerged as a leader in trading volume and total value locked among decentralized perpetual swap platforms. Its HYPE token has risen approximately 300% since its November 29 launch, reaching $28.

Jupiter leads as the primary DEX aggregator on Solana with the highest total value locked, while Jito, a liquid staking protocol, generated over $550 million in fee revenue in 2024, Grayscale Research highlights.

Alongside the new additions, six assets—Toncoin (TON), Near (NEAR), Stacks (STX), Maker (MKR), Celo (CELO), and UMA Protocol (UMA)—were removed from the list.

According to Grayscale Research, these projects remain relevant to the crypto ecosystem, but the team believes the revised selection offers a more compelling risk-adjusted return profile for the next quarter.

The smart contract arena

A key observation from Grayscale Research is the growing competition in the smart contract platform segment. Although Ethereum had some big wins in the fourth quarter, it faced increasingly competitive pressure from other blockchains, especially Solana.

Moreover, investors have started looking at other alternatives to Ethereum, like Sui and TON. These platforms, according to Grayscale Research, have different approaches to the “blockchain trilemma.”

The team reiterates that fee revenue will be a key driver of value for smart contract platform tokens. They suggest that a platform’s ability to generate fees is directly related to its market capitalization and its ability to reward token holders through mechanisms like token burning or staking.

“The greater the ability of a network to generate fee revenue, the greater the network’s ability to pass on value to the network in the form of token burn or staking rewards. This quarter, the Grayscale Research Top 20 features the following smart contract platforms: ETH, SOL, SUI, and OP,” the report wrote.

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Robinhood plans to distribute crypto rewards to eligible users who access the platform’s countdown screen at 8:30 PM Eastern Time, according to social media reports.

Have you seen the new countdown in your Robinhood app? 👀 We have a surprise coming.

Update your app and make sure to be on the countdown screen at 8:30 PM ET on 12-31. Terms apply. https://t.co/7b6r5nieTS pic.twitter.com/EmasInaBKK

— Robinhood (@RobinhoodApp) December 31, 2024

Users must have an active Robinhood Crypto account to claim the reward, which will be available through notifications within one week after the countdown ends. Unclaimed rewards will expire after 30 days.

The trading platform requires recipients to maintain the reward value in their Robinhood account for at minimum one year, with the amount trackable through account history and statements.

While the exact nature of the “New Year’s surprise” remains undisclosed, social media posts suggest it could involve Bitcoin or other digital assets. Users need to have the latest version of the Robinhood app and an established crypto wallet to participate.

Eligible users who miss the initial notification can still claim their reward through the platform’s Reward center, though the one-year holding requirement remains in effect.

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XRP has kicked off the new year with a strong performance, surging 10% in the last 24 hours and reclaiming the $2.3 mark last seen on December 26, according to CoinGecko data.

The rally comes at a time when most major crypto assets remain relatively flat. Bitcoin currently trades around $94,000 with minimal movement, while other leading crypto assets like Ethereum, Binance Coin, and Solana show little price action.

In contrast, established altcoins including Tokenize Xchange (TKX), Stellar (XLM), Fantom (FTM), and Algorand (ALGO) have posted double-digit gains in the past 24 hours. Some major crypto assets by market cap like Hedera (HBAR) and Cardano (ADA) have also seen significant increases.

The AI16Z token, which recently became the first AI coin on the Solana blockchain to achieve a $2 billion market cap, is extending its gains. Currently trading above $2, the token has risen 21% in the past 24 hours, placing it among the top daily gainers.

XRP trading volumes surge in South Korea

In South Korea, XRP trading volumes have surpassed both Bitcoin and Ethereum across the country’s major exchanges.

Combined trading volume against the won on Upbit, Bithumb, and Korbit exceeded $1 billion in the past 24 hours, with XRP recording $254 million on Bithumb and $761 million on Upbit.

High trading volume indicates greater market interest in the asset, suggesting that many investors are actively buying and selling.

Changes in trading volume can signal potential trend reversals or continuations. High trading volumes can also lead to increased volatility in the market, as large orders can impact prices.

The volume surge comes amid political developments in South Korea, where a court issued an arrest warrant for President Yoon Suk Yeol on Tuesday over his December martial law decision.

Trump’s inauguration, SEC Chair’s resignation in over two weeks

Trump’s inauguration as the 47th President of America is scheduled for January 20. Also on that day, SEC Chair Gary Gensler will step down.

Trump’s arrival and Gensler’s departure are expected to pave the way for a shift in regulatory approach to the crypto sector, which has long faced hostility under the current administration.

For the Ripple community, these events may bring an end to the year-long legal battle between Ripple and the US securities watchdog, potentially resulting in either a settlement or dismissal of the case. A resolution is anticipated to clarify XRP’s legal status and create a precedent for other crypto assets that have also been classified as securities by the SEC.

Moreover, as the regulatory landscape in the US matures, meaning more guidance and clarity, there is hope that one or more spot XRP ETFs, along with a wave of other crypto ETFs, will secure regulatory approval.

As of January 1, several fund managers—including Bitwise, Canary Capital, 21Shares, and WisdomTree—are lining up for approval to launch their respective XRP ETFs.

Any developments in either the XRP ETF’s progress or the SEC-Ripple case are expected to considerably influence XRP’s price movements.

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BlackRock’s iShares Bitcoin Trust (IBIT) recorded its largest single-day outflow of over $332 million on January 1, surpassing its previous record of $188 million set on December 24, according to updated data from Farside Investors.

The massive IBIT withdrawals pushed US spot Bitcoin ETF’s overall flows into red territory on Thursday, even as most rival ETFs posted gains. The Grayscale Bitcoin Trust (GBTC) also saw losses of nearly $7 million.

Bitwise Bitcoin ETF (BITB) led daily inflows with $48 million, followed by Fidelity Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin (ARKB), and Grayscale Bitcoin Mini Trust (BTC). These funds collectively took in approximately $108 million on Thursday.

Excluding Valkyrie’s Bitcoin ETF, the 10 US-based spot Bitcoin ETFs recorded combined outflows of $248 million. The week’s total net outflows have surpassed $650 million.

IBIT’s total net outflows have reached $392 million since December 3, marking three consecutive trading days of losses. Despite the recent outflows, the fund remains the dominant Bitcoin ETF, holding nearly 552,000 BTC valued at over $51 billion as of January 2.

Launched in early 2024, IBIT outperformed the vast majority of ETFs throughout the year. The fund ranked third on Bloomberg ETF analyst Eric Balchunas’ 2024 leaderboard with approximately $37 billion in year-to-date flows, trailing only the established index giants VOO and IVV.

Here’s final 2024 Top 20 ETF Leaderboard: $VOO ended w/ $116b which is $65b beyond old record (absurd). $IVV closed strong w $89b (bc used more than $SPY for TLH?). $IBIT took 3rd spot w $37b (still <1yr old!). Total flows at $1.14T, which broke old record by 25%, or $225b..🔥🔥 pic.twitter.com/RRCbHEAN9Q

— Eric Balchunas (@EricBalchunas) January 2, 2025

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US spot Bitcoin ETFs raked in $908 million in net inflows on Friday, rebounding from Thursday’s $242 million outflow, according to data from Farside Investors.

BlackRock’s iShares Bitcoin Trust (IBIT) netted $253 million, ending a three-day negative streak that saw $392 million in losses. The fund’s total net inflows recovered to $37 million, with holdings of 548,506 Bitcoin valued at $53.4 billion.

Fidelity’s Bitcoin Fund (FBTC) led Friday’s gains with $357 million in net inflows—one of its strongest daily performances since launch. FBTC has accumulated over $12 billion in new investments as of January 3.

The ARKB fund, managed by ARK Invest and 21Shares, recorded $222 million in net inflows. Bitwise, Grayscale (BTC), and VanEck funds also posted gains, while other ETF providers reported no flows.

Bitcoin reclaims the $98,000 mark

Bitcoin reached $98,900 on Friday, surpassing $98,000 for the first time since December 26, CoinGecko data shows. The digital asset currently trades above $98,000, showing a 4% increase over the past week.

Analysts predict a bullish year for Bitcoin, driven by growing institutional and national adoption.

Galaxy Research forecasts five Nasdaq 100 companies and five nations will add Bitcoin to their balance sheets in 2025 to diversify their portfolio and meet their trade settlement needs. The firm also projects US spot Bitcoin ETFs will reach $250 billion in assets under management.

Jan van Eck, CEO of VanEck, recommends that investors increase their holdings in Bitcoin and gold through 2025, as these assets offer valuable protection against inflation, fiscal uncertainty, and global de-dollarization trends.

Van Eck projects Bitcoin could reach $150,000 to $170,000. This stance is supported by other financial analysts and institutions recognizing Bitcoin’s potential to hedge against financial risks.

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Thailand’s Deputy Prime Minister and Finance Minister Pichai Chunhavajira has unveiled a pilot program for crypto payments in Phuket.

The initiative will allow tourists to use Bitcoin for transactions, marking the country’s first government-backed trial in the tourism sector.

The initiative, announced at a Marketing Association of Thailand seminar, will operate within existing legal frameworks without requiring law amendments, according to local news publication Nation Thailand.

Foreign tourists can register their Bitcoin through a Thai exchange and complete identity verification to participate in the program.

“The growing popularity and value of cryptocurrencies among international tourists have driven this initiative,” Pichai said.

A clearing house will convert Bitcoin payments into Thai baht, protecting local businesses from crypto price volatility.

The program builds on existing crypto adoption in Thailand, where the Huay Phueng district in Kalasin, known as “Bitcoin town,” has over 80 shops accepting Bitcoin payments.

These businesses range from noodle vendors and market stalls to tuk-tuk services, with a local coffee shop serving as an educational hub for Bitcoin transactions.

Participating merchants in Phuket will receive payments in Thai baht through the clearing house system.

The pilot aims to provide foreign visitors with a legal and convenient alternative to cash transactions while maintaining Thailand’s competitiveness as a tourism destination.

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Circle has joined Ripple, Coinbase, and Kraken in supporting President-elect Donald Trump’s inaugural committee. Circle co-founder and CEO Jeremy Allaire announced today that the company just donated 1 million USDC to Trump’s inauguration.

“We are excited to be building a great American company,” Allaire said, noting that the Committee’s acceptance of USDC demonstrates “how far we have come, and the potential and power of digital dollars.”

Established to oversee the events for Trump’s second inauguration, the Trump-Vance inaugural committee set a fundraising goal of $150 million. According to ABC News, contributions have already crossed this mark since last December.

Major tech executives have pledged substantial donations, including $1 million each from Amazon’s Jeff Bezos, OpenAI CEO Sam Altman, and Meta’s Mark Zuckerberg, CNBC reported last month. Robinhood Markets committed $2 million, while Uber and CEO Dara Khosrowshahi each pledged $1 million.

Unlike political action committee donations, inaugural committee contributions have no limits. These funds will support various inaugural events such as galas and parades.

Trump’s inauguration is set for January 20, 2025, at 12 PM ET. The major event will take place at the US Capitol in Washington, D.C., marking Trump’s return to the presidency for a non-consecutive second term.

The crypto industry is poised for major developments as Trump prepares to take office. The incoming administration is expected to foster a more favorable regulatory environment for crypto assets in the US, thus encouraging other nations to follow suit.

With the transition to a new administration, there is potential for clearer guidelines regarding crypto regulations, which could alleviate uncertainty for both investors and businesses. The anticipated shift in policy may encourage greater participation from financial institutions in the crypto market.

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