According to an analysis released Monday, altcoins have been a major driver of the boom in the cryptocurrency market, which briefly surpassed a market cap of $3 trillion in 2021, along with shiba inu and other leaders in terms of growth in value and popularity.
Bitcoin remains the largest cryptocurrency with a volume dominance of around 42% and a market cap of $ 1.1 trillion, and its sky rocketing price has caught the attention & funds of institutional and retail investors.
“And while Bitcoin is undoubtedly still the king of cryptocurrencies, there are thousands of other coins and tokens, some of which have in fact experienced greater popularity and price spikes than Bitcoin over the past twelve months. ”said BrokerChooser, an international broker comparison site, in a report.
The company, which hosts brokerage reviews in 227 countries and territories, said it compared interest via Google search data and price in US dollars between September 2020 & September 2021 for the 50 currently largest cryptocurrencies coins.
Shiba INU has increased more of each measure, with its precise value of 2.4 million percent over a 12-month period ended on 2021 September. A recent rally propelled shiba inu to 11th place among the world’s most valuable cryptocurrencies, a position that has since dipped slightly, to 12th place, according to CoinGecko.
Dogecoin came second on the list of price increases with growth of 9.567% this year.
“Designed as a light and fun cryptocurrency to poke fun at the emerging world of cryptocurrency, dogecoin ended up building its own community and took off tremendously, especially after being frequently mentioned by Elon Musk on social networks, ”he said. BrokerChooser said, noting that the Tesla boss has said dogecoin is part of his personal wallet.
Behind the dogecoin was Terra, which trades as LUNA, with its price jump 6.496% to $ 31.66 in September. The token, developed by South Korean company Terraform Labs, is used for the governance and staking of a decentralized financial payment network that powers a basket of stablecoins for cross-border transactions.
Terra’s price “exploded” in January when it raised $25 million in a funding round from Galaxy Digital, Coinbase Ventures, Pantera Capital and others, BrokerChooser said.
Shiba Inu leads the number of searches, with the “Shiba Inu coin” dropping from 70 to 1.5 million searches. Searches began to rise despite the coin’s “insanely low” price of $ 0.000000003 in September 2020, which eventually hit $ 0.0000072 a year later. “If you had only invested $ 10 in the c`urrency in September 2020, you would have had over $ 200,000 in just 12 months,” BrokerChooser said.
To round out the top three in popularity, searches for polygons increased 100.456% to 90,500, followed by Terra, up 5.556% to 18,100. Polygon, formerly known as Matic, is designed to put scale ethereum chains and develop blockchain infrastructure.
Polygon was the 4th largest price gainer, up 4,800% to $ 1.47. Solana placed fifth with a rise of 2.458% to $ 111.03. Solana’s popularity has been fueled by bets that it will overtake Ethereum in the world of smart contracts and the growth of play to-earn games.