November 5, 2021: While last month we saw the chart add two newcomers (Riple & Polkadot) and Bitcoin was the only gainer, October is the exact opposite. October was an extremely positive month for the cryptocurrency market as multiple coins soared to new all-time highs. As we enter November, the direct relationship of both cryptocurrencies and traditional financial markets is under scrutiny as the global economy continues to shift.
November 2021 - Top 10 Cryptocurrency List
No new coins were added to the leaderboard this week, but again there were some changes to the leaderboard. The global economy continues to shift and become less stable, continuing last month's trend. As the underlying trust in the traditional financial system declines, more emphasis is placed on the legitimacy of the cryptocurrency economy.
The cryptocurrencies selected for this month's top 10 ranking are those that we believe best meet our criteria. This is by no means the only cryptocurrency worthy of your investment (see the honorable mentions at the end).
The criteria we have chosen to compile our rankings include:
- Future longevity
- Real world utility
- Investment support
Below is our updated top 10 list for the month of November 2021:
10. Ripple (XRP) (-1)
Calls for major exchanges to relist Ripple's XRP have grown in recent weeks. The SEC vs. Ripple case continues, but it looks like the murky waters the SEC has created against Ripple aren't going anywhere. Once settled, if the case goes in Ripple's favor, it will be a big win for the cryptocurrency space.
Ripple is currently up 6.5% in the last month after a small decline following a new short-term peak set at $1.25. The highest value of XRP is $3.40.
Market price: +6,5%
9. Cardano (ADA) (-1)
Cardano, through founder Charles Hoskinson, is reportedly strengthening and creating new partnerships with institutions in Africa. This doesn't make up for the shortcomings in the actual functionality of the Cardano blockchain, but it's clearly steps in a positive direction. Cardano's success in Africa would be extremely positive for 2nd and 3rd world development.
Solana has officially turned Cardano around in market share, although many analysts predicted a rally in ADA to come. We here at RekTimes agree that a breakout is likely in the coming weeks. If the ADA continues to move sideways, it will be forced to break lower or break higher as the 50-day MA and 200-day MA converge. With that in mind, Cardano needs to show further progress in real-world operability to stay on track with other competing chains in the long term. This puts Cardano at #9 in our rankings.
Cardano is down another 11.5% this month. With the decline of recent months, Cardano is now more than 35% lower than its highs. Keep an eye on the ADA in the coming weeks.
Market price: -11,5%
8. Polka Dots (DOT) (+2)
Following some very positive news on the development of parachains, Polkadot has since risen to a new high of $54.98. Now officially established to be a multi-chain, highly flexible network, Polkadot demonstrates its willingness to embrace a new trend and stay very relevant in the rapidly changing cryptocurrency space.
Polkadot Road rallied 76% in the past month before falling slightly above its all-time highs. Expect further sideways or downward movement for Polkadot in the short term.
Market price: +64%
7. The graph (GRT) (-1)
The Graph continues to quietly support Web3 development while expanding the reach of the community and ecosystem. This project is still a leader in the decentralized economy and should be seen as a great decentralized example. The Graph recently announced that they will soon support Cosmos, a great partnership for both projects.
The chart has risen strongly since the beginning of autumn and is back above the $1 mark.
Market price: +42,5%
6. Ethereum (ETH) (-2)
So much of the cryptocurrency ecosystem is built on Ethereum. Sometimes it is hard to imagine that this is not an obvious long-term network. With that in mind, Ethereum gas fees have actually gotten worse – so bad, in fact, that the majority of users who own a small amount of Ether are literally unable to use the network without falling victim to huge fees. Value is essentially locked up in the web, whether users want it there or not.
From a short- to medium-term investment perspective, Ethereum will undoubtedly continue to rise. Ethereum's high is only at 3.8% at $4.674.
Market price: +29%
5. Left (LEFT) (+2)
Solana has demonstrated that it can handle the crisis, support everyday user actions through financial and NFT transactions, and has also shown that it can do these things without compromising speed or accessibility. Solana turned Cardano around and took its place in the top 5 of the cryptocurrency market. Solana had a fantastic year. The future is bright with SOL.
Solana is slightly off its just-minted high of $249.64 – down just 5.4% from 19 hours ago. Solana is up another 54% this month.
Market price: +54%
4. Ampleforth (AMPL) (+1)
Ampleforth is the undisputed king when it comes to a solid unit of account for the base stability needed in DeFi. Ampleforth just this year partnered with Aave and Avalanche and continues to take developmental steps towards further expansion. The long-term implications of this project are profound. As a DeFi core layer, Ampleforth's market cap could easily be a top 10 coin in the future, if not higher. Ampleforth is currently at a cap of $425 million and is in 204th place.
AMPL's market capitalization has increased significantly since October to over 275%. Note that volatility for AMPL is not in price but in supply. Total market capitalization is the most appropriate way to track earnings, not price.
Market price: +275%
3. Algorand (SOMETHING) (-)
Algorand is still a heavy sleeper in the cryptocurrency space. Algorand does everything he has to. It has formal governance in place, has many real-world applications, partnerships and relationships, and is one of the most reliable, fastest, and cheapest networks out there right now. Algorand has more meaningful development than Cardano. Algorand is more user-friendly than Ethereum. Even NASDAQ released an article discussing Algorand's potential to replace the likes of Ethereum. Fun times.
Algorand has mostly been trending sideways since its big rally earlier in the year. Down only 5% from last month, Algorand found strong support at its 50-day moving average.
Market price: -5%
2. Link (LINK) (-)
Chainlink remains one of the most solid projects in the space as it grows in importance. Integration into major projects essentially ensures that Chainlink will be part of the cryptocurrency space for a very long time – much like The Graph. Longevity gets a perfect score here.
Chainlink has grown by 24% since our last ranking in October, benefiting from a re-expanding cryptocurrency market cap.
Market price: +24%
1. Bitcoin (BTC) (-)
There are some downsides to Bitcoin – it's not all praise and glory. However, Bitcoin is the first, perhaps the simplest and most widely accepted cryptocurrency to date. Bitcoin recently set a new all-time high. Expect more Bitcoin returns before the end of the year, apart from a massive deflationary collapse in the global economy.
Bitcoin set a new high 16 days ago at $67,276. Over the past month, Bitcoin has climbed a solid 24%.
Market price: +24%
Dropped from the rankings:
Honorable Mentions and Notable Other Projects:
Cosmos (Atom), Terra (LUNA), Aave (AAVE), Sushiswap (SUSHI), Pancakeswap (cake), 0x (ZRX), Maker (MKR), Litecoin (LTC), Basic Attention Token (BAT), Dash (DASH ), Storj (STORJ), Nexus (NXS), Uniswap (UNI), Harvest (FARM) and others.
The cryptocurrency market rebounded from a tumultuous September to post fantastic gains in October. Outside of Cardano and Algorand, which are pulling some, all other coins listed in our rankings have experienced gains. It should be noted that the tapering of money printing by the US Federal Reserve and other central banks is underway. Inflation continues to grow as a problem worldwide.
As inflation rises, the demand for reputable cryptocurrency projects continues to grow. Bitcoin has seen its popularity explode as a remarkable inflation hedge. November is a pivotal month as we enter the last few weeks of 2021. Good luck with the rest of this month!
As always -
The cryptocurrencies selected for our ranking this month are those that we believe best meet our criteria. This is by no means the only cryptocurrency worthy of your investment (see the honorable mentions above for other examples).
New projects are constantly being created that could have a significant, disruptive impact on the entire market in the coming years.
As always, be sure to do your own due diligence before choosing which projects to add to your portfolio. Which coins do you think should or shouldn't be included in this list above? Do you agree with the ranking? I hate them? Please share your thoughts in the comments below!
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