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CoinDesk 20: AVAX, LUNA, MANA, SHIB Are In; Bitcoin Cash, EOS, ETH Classic, Filecoin Are Out
Old guard bows out as layer 1s, metaverse and memes surge in.
By Galen Moore
Updated Mar 8, 2024, 4:39 p.m. Published Feb 15, 2022, 10:03 p.m.
Two layer 1 smart contract platforms, a metaverse real estate token and a meme coin joined the CoinDesk 20 this quarter, replacing four assets issued by earlier generations in cryptocurrency and Web 3.
The CoinDesk 20 is a list of the top cryptocurrencies by volume, as measured on a select list of trusted exchanges. The list is reconstituted quarterly, using data observed over the prior two quarters. The full list is here. A full description of the methodology can be found here. Volume data is provided by Nomics.
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AVAX and LUNA, the native currencies of the Avalanche and Terra blockchains, respectively, joined the CoinDesk 20, making the first quarter the second quarter in a row in which layer 1 platforms, offering new alternatives to Ethereum, surged into the list.
MANA is the native token of Decentraland, a virtual reality platform built on the Ethereum blockchain, supporting ownership of virtual "land." Investor interest in Decentraland surged in the fourth quarter as Facebook renamed itself Meta Platforms and announced a new focus on applications in the "metaverse," a loose concept describing a variety of virtual play and workspaces.
Shiba inu token (SHIB) is a variation on dogecoin. Both are meme coins, their value based on the virality and attractiveness of images and catch phrases associated with a cryptocurrency.
The currencies that fell out of the CoinDesk 20 represent an earlier generation of currency and Web 3 innovation.
- is a fork of Bitcoin. Backers of BCH split off in 2017, forking the Bitcoin chain to allow for faster and cheaper transactions.
- EOS also emerged in 2017 as an alternative to Ethereum and is also designed to provide faster and cheaper transactions. Its 2017-2018 initial coin offering (ICO) raised a record amount.
- is a fork of Ethereum that originated with a 2016 controversy over an Ethereum hard fork that restored funds stolen from users of The DAO, an early dapp on Ethereum.
- Filecoin is a decentralized storage project that also emerged in 2017, holding an ICO that raised $200 million. It launched on mainnet in 2020.
For a daily table of top gainers and losers in the CoinDesk 20, subscribe to the First Mover newsletter.
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The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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