In October, the market value of all cryptocurrencies climbed by $80 billion, with price increases seen in the majority of the top 100 cryptocurrencies by market cap. With the "Uptober" meme outperforming expectations, Bitcoin (BTC) took the lead and successfully sealed its first green monthly candle since July.
The most popular project on CoinMarketCap in October, according to search and interest activity, was Bitcoin. According to data released by CryptoDiffer on November 2, Shiba Inu (SHIB) placed second while Cardano (ADA) claimed third place on the list of the top 15 cryptocurrencies by popularity.
But out of the top 15 most popular tokens, ADA was one of the four whose price fell by as much as 7%. Shiba Inu prices grew by approximately 8% in the past 30 days, benefiting from the price rise of Dogecoin, while the price of Bitcoin increased by 6.49%. (DOGE).
According to market capitalization, Dogecoin (DOGE), Ethereum (ETH), and PancakeSwap (CAKE) were ranked fourth through sixth, respectively.
Notably, Dogecoin's price increased by 117.1% during the course of 30 days, outpacing all other coins in October. It's interesting to see that Phala, which has a market worth of just $110 million, increased 78.39% throughout that time.
At the same time, two other notable crypto tokens, GMX (GMX) and Gala (GALA), were among the top 15 most popular coins. They did not, however, rank among the top 100 cryptocurrencies by market cap.
Examining the Ranks
It should come as no surprise that Bitcoin was the most used cryptocurrency throughout the month given that it is the flagship cryptocurrency with the greatest market at $391.8 billion and a current price of $20,411.
Until Elon Musk reversed course and declared that he would buy Twitter, Dogecoin's price had been on the decline (NYSE: TWTR). Many believe that the current increase in DOGE can be attributed to the token's possible use case on Twitter as a payment mechanism, and that the dog token's price explosion has made 1,000 DOGE billionaires.
Quant (QNT), an interoperability-based cryptocurrency project, was one of the notable digital assets that considerably increased throughout the bullish run. The price of PancakeSwap's token, CAKE, had also increased at various periods throughout the month at the same time.
It will be fascinating to see how the popularity of the tokens evolves during the month of November at this point. Meme currencies are anticipated to continue in the public eye for the foreseeable future since Musk's takeover of Twitter is still making news and because Dogecoin's price is still erratic (it is now down 7% on the day) and also the most trending asset on the CoinMarketCap website.