Top Blockchain Ecosystems: Uncovering the Most Undervalued Players

The very concept of “undervaluation” implies the existence of a fair value for a project. But how can it be determined? The Efficient-market hypothesis suggests that market participants always evaluate a project as fairly as possible during trading if the information about it is publicly available. However, in practice, we know that markets—especially the cryptocurrency market—are influenced by cycles of fear and greed, both overall and for individual projects.

So-called “trending” assets can, at certain moments, significantly outperform their competitors or analogs in valuation due to better positioning, marketing, or other favorable circumstances. Meanwhile, the market valuation of other projects can suffer greatly due to poor decisions by the team or factors beyond the project’s control. In short, finding a fair value is practically impossible and perhaps even futile.

Thus, the goal of this study is not to search for a mythical fair value of projects but rather to perform a comparat