new highs for Bitcoin and Ethereum, meme coin price rally continues

November is here and our monthly crypto market overview shows that October was a good month for investors overall. Most assets have risen, some have risen massively and a few have seen their prices fall.

Source: iStock

Compared to September, October was a much better month. Thanks to the launch of the first exchange-traded funds (ETFs) backed by Bitcoin futures in the US, Bitcoin (BTC) and Ethereum (ETH) both hit new record highs during the month, with the former briefly touching the USD 67,000 mark for the first time in its history, and the second is approaching $4,500.

It should also be noted that not only did Bitcoin and Ethereum hit all-time highs in a single day in October, but the month also marked the highest monthly close ever for these two currencies across all major exchanges.

The 10 best cryptocurrencies on the market in October

In October, almost all of the top 10 cryptocurrencies by market capitalization performed well, with several gaining around 30% for the month.

Source: Coincodex.com

The only token in the top 10 that did not increase during the month of October is Cardano (ADA), which instead fell just over 11%. ADA’s loss comes after another weak month in September, when it fell 26%. However, ADA has done well if you look further back, where the price more than doubled in August and is still up over 2000% year-on-year.

When it comes to other top 10 cryptocurrencies, Shiba inu (SHIB) cannot be mentioned. The self-proclaimed “Dogecoin killer” went from almost zero value at the start of the year to entering the top 10 and toppling the original Dogecoin (DOGE) in October.

During the month, SHIB, now number 8 in the market, grew by 870%.

Finally, it is also worth noting the performance of the main assets specialized in smart contracts and DeFi, namely Ethereum, Solana (SOL) and Polkadot (DOT), which all increased by 30-40%.

The best performances of the top 50 in October

If we expand the field of observation to the top 50 performers in the crypto market, we see that the new king of cryptocurrency memes, SHIB, is still in the lead. However, many other assets also performed exceptionally well, with four of them more than doubling in price.

Source: Coincodex.com

MANA, the token associated with the world of virtual reality Decentralized country, also performed well in October, up nearly 285%. These significant gains have been attributed Facebook renaming himself Meta, a reference to the metaverse of which Decentraland and other virtual reality worlds can be seen as an integral part.

Similarly, Facebook’s focus on the metaverse also drove play-to-earn token Axie infinity (AXS) higher, up nearly 47% on the month.

As for other notable tokens in the top 50, RUNE, the original token in the decentralized liquidity network THORChain, more than doubled in price during the month. The price increase was reportedly driven by the reactivation of ETH pools on the protocol following a hack earlier this year that brought the entire network to a standstill.

The worst performers in the top 50 in October

Looking at the worst performers of the top 50 cryptocurrencies on the market by market cap, we can see just how exceptional this month of October has been. While the two best performing cryptocurrencies of the month rose by 870% and 285% respectively, the worst performing “only” fell by 20% and 11% respectively.

Source: Coincodex.com

The most notable was FLOW, the original symbol of the blockchain network of the same name designed specifically for gaming and social networks. However, despite strong financiers such as Andreessen Horowitz, Warner Music Group and Union Square VenturesFLOW has been struggling since hitting an all-time high of nearly $60 in March this year.

Among this group, it is also worth mentioning CAKE, the governance token of the PancakeSwap decentralized exchange on the Binance chain. At number 46, CAKE fell almost 9% during the month of October.

The CAKE token has been in a steady downtrend since late August and is still down nearly 60% from its all-time high of around $44 on April 30 of this year.

The winners and losers of the top 100 and 200

Zooming in even further to cover the entire top 100, a number of highly speculative meme tokens show just how effective social media-driven efforts to manipulate higher prices can be.

The first cryptocurrency in this group is a largely unknown Ethereum-based token called Dogeleon mars (ELON), which has risen over 3,600%. The next three places on the list are Shiba inu and Secentraland, already mentioned, followed by Safemoon, the token that promises to take holders “safely to the moon”.

Additionally, some top 200 tokens should also be mentioned, with gaming tokens such as UFO gaming (UFO) and Spell token (SPELL) seeing massive gains of 712% and 605% respectively.

Among the worst performers on the top 200 list is DYDX, the governing form of the decentralized exchange dYdXwhich fell 33% after a strong performance in September, where the DEX saw trading volume that even exceeded Coin base.

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