The cryptocurrency market has successfully closed its first green monthly candle since July. Adding another $80 billion to its volume, the highest performance of the month came from Dogecoin. Meanwhile, names like PHA and CAKE fill the list of the most popular altcoin projects.
Here are the most popular altcoin projects of October
Bitcoin was the most popular cryptocurrency, according to October’s CoinMarketCap search data. Shiba Inu (SHIB) ranks second and Cardano (ADA) third in the list of top 15 cryptocurrencies by popularity, according to data released by CryptoDiffer on Nov. However, among the 15 most popular cryptocurrencies, ADA was one of the ones that experienced a decline (7%). The Shiba Inu has gained nearly 8% over the past 30 days, taking advantage of Dogecoin’s price rally. Meanwhile, Bitcoin was up 6.49%. In other rankings, Dogecoin, Ethereum and PancakeSwap ranked fourth and sixth, respectively.
Dogecoin was the most notable name on the list, rising 117.1% in just 30 days. DOGE thus surpassed all its competitors in October. Phala, which has a market capitalization of only 110 million dollars, gained 78.39% during this time. However, despite being two of the 15 most popular cryptocurrencies, GMX (GMX) and Gala (GALA) are not among the top 100 cryptocurrencies by market cap.
Investors kept their eyes on these cryptocurrencies
Bitcoin was the most sought-after cryptocurrency for the month. It reclaimed a psychological zone with a peak price of $20,988.39 in October. However, the recent rally is more tied to non-market news than a bull. The entire market, including DOGE, was in decline until Elon Musk announced he was going to change course and buy Twitter. Right now everyone is trying to buy Dogecoin’s potential use case on Twitter. DOGE completed these expectations with a rally of over 150%.
Quant (QNT), an interoperability-based altcoin project, was one of the notable names that increased significantly during its bullish run. On the other hand, the price of CAKE rose simultaneously at various times during the month.
At this point, it will be interesting to see how the popularity of the tokens has changed over the course of November. Meme coins are expected to remain in the public eye for the foreseeable future, as Musk’s Twitter takeover is still in the headlines and the price of Dogecoin is still erratic (currently down 7% per day) as well as trending on CoinMarketCap.
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