The Top 5 Crypto Sectors Driving the Market in October 2024

CN
5 hours ago

In 2024, the crypto world has been buzzing with AI-themed assets and playful meme coins, with names as quirky as a celebrity or even a famous baby pygmy hippo. According to the latest from Artemis Terminal at artemis.xyz, the bridge crypto sector currently leads the pack with a weighted average of 33.4%. The weighted average on artemis.xyz reflects the percentage change in the total fully diluted market capitalization of tokens within the sector. This calculation factors in each token’s unique influence, adjusting for its market weight.

Bridge Sector

Bridge cryptocurrencies play a key role by enabling assets and data to flow across different blockchain networks, boosting liquidity, and expanding blockchain ecosystems’ utility. These tokens are connected to cross-chain bridge systems like Wormhole, Synapse Protocol, Polygon Bridge, Arbitrum, and Layerzero. Many bridges employ the “wrapped asset” approach, in which the original asset is securely locked on one blockchain, while a corresponding “wrapped” version is created on the destination chain.

AI Sector

Following closely behind is the AI coin sector, which has been quite the sensation this year, sporting a 29% weighted average as per artemis.xyz. The AI crypto sector blends artificial intelligence with blockchain tech, often utilizing machine learning to improve decision-making, security, and functionality in the Web3 space. AI tokens also provide access to AI services on blockchain platforms, bringing cutting-edge, decentralized technology to a broader audience. This sector began gaining serious momentum in late December 2023.

Meme Coin Sector

Then there’s the meme coin sector. These cryptos, born from internet memes or pop culture, often start as jokes, but some have achieved significant value. With large supplies and a strong reliance on community engagement and social media hype, meme coins have carved out their space. Dogecoin (DOGE), the original meme coin, remains the largest by market capitalization. However, this year has introduced a new wave of meme coins, many boasting substantial market values and trading volumes. Artemis Terminal reports a weighted average of 20.9% for meme coins today.

The Top 5 Crypto Sectors Driving the Market in October 2024

Top five crypto sectors as of Oct. 2, 2024, according to Artemis Terminal statistics,

RWA Sector

Next on the list is the real-world assets (RWA) crypto sector. These tokens represent ownership or fractionalized shares of tangible assets like real estate, Treasury bills, commodities, or artwork. On Oct. 2, Artemis Terminal gave the RWA sector a weighted average of 19.1%. According to rwa.xyz, there’s about $12.15 billion in RWA on-chain assets, marking a significant footprint for traditional investments on the blockchain. Giant financial institutions like Blackrock and Franklin Templeton have entered this space.

The Top 5 Crypto Sectors Driving the Market in October 2024

Out of the $12.15 billion in RWA value, tokenized U.S. Treasuries make up $2.28 billion.

Data Services Sector

Rounding out the top sectors is the data services crypto space, with a weighted average of 17.9% as of Wednesday. Data services cryptos focus on decentralized solutions for data storage, oracles, management, and analysis. They aim to create secure, efficient, and accessible data ecosystems, leveraging blockchain tech to ensure data integrity and privacy. This sector includes popular tokens like filecoin (FIL), arweave (AR), and chainlink (LINK).

Other notable sectors today include data availability, gaming, smart contracts, NFT platforms, decentralized finance (defi), and the social crypto space. But it’s the bridge, AI, meme coin, RWA, and data services sectors that truly stand out, with bridge and AI tokens leading the charge at the start of October.

As the crypto market continues to evolve, 2024 has showcased sectors that merge tech innovation with market demand. Bridge and AI tokens, in particular, are highlighting their importance in driving cross-chain interoperability and advancing AI integration. These trends signal a shift toward practical applications with a real-world impact in the blockchain ecosystem.

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