5 November 2021: While last month we saw the rankings add two newcomers (Ripple & Polkadot) and have Bitcoin as the only gainer, October has been quite the opposite. October was an overwhelmingly positive month for the cryptocurrency market as multiple coins soared to new all time highs. As we enter November, the direct of both crytpocurrencies and traditional financial markets comes under scrutiny as the global economy continues to shift.
November 2021 - Top 10 Cryptocurrencies List
No new coins have been added to the rankings this week, but there were some shifts within the rankings once again. The global economy continues to shift and become less stable, continuing the trend from last month. As mainstream trust in the traditional financial system declines, more emphasis is being placed on the legitamacy of the cryptocurrency economy.
The cryptocurrencies chosen for the top 10 rankings this month are those we felt best fit our criteria. This is by no means the only cryptocurrencies worthy of your investment (see honorable mentions at the end).
The criteria we have chosen to create our rankings includes:
- Future longevity
- Real world utility
- Investment Support
- Community
Below is our updated top 10 list for the month of November 2021:
10. Ripple (XRP) (-1)
The calls for major exchanges to relist Ripple's XRP have grown in recent weeks. The SEC vs Ripple case continues on but it appears that the muddy waters the SEC created against Ripple is to go nowhere. Once settled, if the case does fall in Ripple's favor would be a major victory for the cryptocurrency space.
Ripple is currently up 6.5% over the past month after a small decline following a new short term peak set at $1.25. XRP's all time high is $3.40.
Market Price: +6.5%
9. Cardano (ADA) (-1)
Cardano, through founder Charles Hoskinson, has reportedly been both strengthening and creating new partnerships with institutions in Africa. This does not make up for the shortcomings in actual operability of the Cardano blockchain, but is obviously steps in a positive direction. The success of Cardano in Africa would be extremely positive for the development of the 2nd and 3rd world.
Solana has officially flipped Cardano in market share though many analysts have predicted a rally coming in ADA. We here at RekTimes concur a breakout is likely in the coming weeks. If ADA continues to trend sideways, it will be forced to break lower or break higher as the 50 day MA and 200 day MA close in. With that in mind, Cardano must display further progress of real world operability to stay on track with other rival chains over the long term. This places Cardano at #9 in our rankings.
Cardano is down another 11.5% this month. With last months decline, Cardano is now over 35% down from its all time high Keep an eye on ADA in the coming weeks.
Market Price: -11.5%
8. Polkadot (DOT) (+2)
After some very positive development news about parachains, Polkadot has since rallied to a new all time high set at $54.98. Now officially set up to be a multichain, highly flexible network, Polkadot has demonstrated its willingness to adopt new trend and keep itself highly relavent in a fast changing cryptocurrency space.
Polkadot road a great rally up as high as 76% over the past month before falling slightly off its all time high. Expect further sideways or down movement on Polkadot over the short term.
Market Price:+64%
7. The Graph (GRT) (-1)
The Graph continues to quietly support the development of Web3 while expanding its community and ecosystem outreach. This project is still a leader in the decentralized economy and should be looked to in reference of a great decentralized example. Recently, The Graph announced that it will soon support Cosmos, a great partnership for both projects.
The Graph has rallied hard since early fall and is back over the $1 mark.
Market Price: +42.5%
6. Ethereum (ETH) (-2)
So much of the cryptocurrency ecosystem is built on Ethereum. It is sometimes hard to imagine it not being an obvious long term network. With that in mind, the gas fees on Ethereum have actually gotten worse - so bad, in fact, that the majority of users whom own a small share of Ether literally cannot utilize the network without falling victim to massive fees. Value is essentially locked on the network whether users want it there or not.
From a short to medium term investing perspective, Ethereum will undoubtedly continue to go higher. Ethereum's all time high is only 3.8% away at $4,674.
Market Price: +29%
5. Solana (SOL) (+2)
Solana has demonstrated it can handle a crisis, support the day to day actions of users through financial and NFT transactions, and also shown it can do these things without compromising speed or affordability. Solana has flipped Cardano and taken its spot in the top 5 of the cryptocurrency market. Solana has had a fantastic year. The future is bright with SOL.
Solana is just off its freshly minted all time high at $249.64 - only 5.4% down from 19 hours ago. Solana is up another 54% this month.
Market Price: +54%
4. Ampleforth (AMPL) (+1)
Ampleforth is the indisputable king when it comes to a solid unit of account for the base stability needed in DeFi. Ampleforth has just this year partnered with Aave and Avalanche and continues to take development steps towards further expansion. The long term implications of this project are profound. As the base layer for DeFi, 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 ranked #204.
AMPL's market cap has expanded substantially since October, up over 275%. Keep in mind volatility for AMPL is not in price but supply. Total market cap is the most appropriate way to track gains, not price.
Market Price: +275%
3. Algorand (ALGO) (-)
Algorand is still heavily slept on within the cryptocurrency space. Algorand is doing everything it needs to do. It has officially instated governance, has many real world applications, partnerships, and relations, and is one of the most reliable, fastest, and cheap networks that exists currently. Algorand has had more meaningful development than Cardano. Algorand is more user friendly than Ethereum. Even NASDAQ released an article discussing the potential for Algorand to replace the likes of Ethereum. Fun times.
Algorand has mostly trended sideways since its major rally early in the year. Down only 5% since last month, Algorand has found strong support at its 50 day moving average.
Market Price: -5%
2. Chainlink (LINK) (-)
Chainlink remains one of the most solid projects in the space as it grows in importance. Integrations into major projects has basically ensured that Chainlink will be apart of the cryptocurrency space for a very long time - similar to that of The Graph. Longevity here is getting a perfect score.
Chainlink is up 24% since our last rankings in October, cashing in on the re-expansion of the cryptocurrency market cap.
Market Price: +24%
1. Bitcoin (BTC) (-)
There are some drawbacks with Bitcoin - it isn't all praise and glory. However, Bitcoin is the first, arguably most simple, and most widely accepted cryptocurrency to date. Bitcoin has recently set a new all time high. Expect more returns on Bitcoin before the end of the year barring a massive deflationary crash in the world economy.
Bitcoin set a new all time high 16 days ago at $67,276. Over the past month, Bitcoin is up a solid 24%.
Market Price: +24%
Dropped from Rankings:
N/A
Honorable Mentions & 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 more.
Summary
The cryptocurrency market bounced back from a bumpy September to have fantastic gains all around in October. Outside of Cardano and Algorand pulling back some, all other coins listed in our rankings have experienced rallies. It should be kept in mind that tapering of money printing by the US Federal Reserve and other central banks is underway. Inflation continues to grow as a problem globally.
With inflation on the rise, the demand for reputable cryptocurrency projects continues to grow. Bitcoin has seen its popularity explode as a notable inflation hedge. November is a key month as we enter the last several weeks of 2021. Best of luck the rest of this month!
As Always -
The cryptocurrencies chosen for our rankings this month are those we felt best fit our criteria. This is by no means the only cryptocurrencies worthy of your investment (see honorable mentions above for other examples).
New projects are created all the time that may have a substantial, disruptive impact on the entire market in the years to come.
As always, be sure to conduct your own due diligence before choosing which projects you should add to your portfolio. What coins do you feel should or should not be included in this list above? Do you agree with the rankings? Hate them? Please share your thoughts in the comments below!
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