TL;DR
- Real-world asset (RWA) cryptocurrencies have a market cap of over $30 billion, with Chainlink (LINK) leading recent development activity.
- Its price has risen by 16% in the last week, with analysts predicting potential further gains toward targets of $32 to $102.
Here Are the Leaders
Real-world asset (RWA) cryptocurrencies have gained significant traction in the digital asset sector, with a combined market capitalization of almost $32 billion as of November 8, 2024. They represent tokens backed by tangible assets such as real estate, commodities, or art and collectibles. In the following lines, we will focus on the top 10 RWA cryptocurrencies in terms of development activity in the last 30 days.
According to the market intelligence platform Santiment, the first spot belongs to Chainlink (LINK), with a score of 739.6. Its development activity for the aforementioned period has exploded by 14,450%, making it the undisputed leader.
Syntetix (SNX) and Dusk (DUSK) follow in second and third place, respectively. The former has an index of 254.03, while the latter collected 66.07.
Orachain Token (ORAI) and Sky (SKY) round up the top 5 club, while other well-known cryptocurrencies making the list include Maker (MKR), Polymesh (POLYX), and Centrifuge (CFG).
Santiment employs the so-called Ecosystem Dev Activity Dashboard to evaluate the exact ratios. It displays how many software development events are created on various blockchains and their associated decentralized applications (dApps).
“These events are carefully filtered and predefined to be representative of real programming progress, meaning no low-value actions are taken into consideration,” the team behind the platform explained.
LINK’s Next Potential Targets
The ranking’s leader has been at the forefront of gains in the past week. LINK’s price has pumped by 16% for that period, currently trading at around $13.20 (per CoinMarketCap’s data).
According to some industry participants, the asset is poised for further increases in the near future. The X user CryptoBullet claimed that both LINK’s price and RSI are “breaking out.” The analyst suggested this could be a catalyst for an explosion toward $38, $59, and eventually $102.
Cephii also outlined a bullish target, albeit less substantial than CryptoBullet’s forecast. The trader suggested that LINK could surge to $32 by January next year.
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