With November marked by a drop of more than 13% in the price of Bitcoin, few cryptos performed well. However, a few diehard altcoins managed to come out on top: find out which ones and why they outperformed the market as a whole.
A difficult November for the crypto market
While the price of Bitcoin has recorded a negative performance of -13% over the last 30 days, Ether has seen a more pronounced decline of around -17%.
Few altcoins have managed to perform well in such conditions. And yet, some cryptocurrencies have managed to post respectable performances.
Among the five cryptocurrencies with the best performances in November are KAS, XMR, QNT, WLFI, and RAIN:
5 – Kaspa (KAS): +17.3%
Launched in November 2021, the Kaspa project is largely inspired by Bitcoin, whether in terms of principles, methodology, or the proof-of-work (PoW) environment.
Kaspa is based on the GhostDAG protocol, which generalizes the Nakamoto consensus to a Directed Acyclic Graph (DAG) system, with the aim of making it more scalable than its first implementation, Bitcoin.
Over the last 30 days, the price of KAS crypto has appreciated by more than 17%. Among the potential reasons that could explain this performance is the launch of Kaspa’s first decentralized bridge, which greatly improves its interoperability with EVM blockchains.
Following this major milestone, Dymension has integrated KAS as a base asset. In other words, Dymension rollapps can now choose to use KAS to pay gas fees.
In short, Kaspa has made significant technological progress, combined with new demand for KAS.
4 – Monero (XMR): +18.2%
Monero is a blockchain focused on anonymity, with transactions made untraceable through the use of several cryptographic techniques. Monero’s native cryptocurrency bears the same name as the blockchain and is known by the ticker XMR. Over the last 30 days, the price of XMR has jumped by more than 18%. Although the reasons behind this surge are still unclear, it is likely that Monero has benefited from a rotation of capital. Indeed, the privacy coin narrative was in full swing during October, with Zcash in particular posting exceptional performance over this period.
Thus, it is possible that capital that has shifted away from Zcash has fallen back on Monero.
Indeed, XMR is still the most capitalized cryptocurrency in the privacy coin vertical. It therefore remains a “safe bet” in the minds of investors, regardless of whether there is hype around a narrative or not.
3 – Quant (QNT): +23.5%
Quant is a project positioned in a very specific segment: institutional interoperability. Unlike most blockchains that seek to attract users or developers, Quant directly targets banks, companies, and financial infrastructures that want to connect their existing systems to different blockchains without having to rebuild their entire architecture.
Its flagship product, Overledger, is not a blockchain but a multi-network operating system that allows interaction with multiple public and private blockchains as if they were part of the same environment.
Over the last 30 days, the price of QNT crypto has appreciated by 23.5%.
Among the potential reasons for QNT’s performance, we can cite Quant’s collaboration with various institutions, such as the European Central Bank (ECB) with the digital euro (CBDC) project. More recently, Quant announced its participation in a British tokenized deposit project launched by a banking consortium in the United Kingdom.
However, it is important to note that beyond the hype, it is difficult to analyze the actual growth or demand for this type of project.
2 – World Liberty Financial (WLFI): +26.7%
World Liberty Financial is a decentralized finance (DeFi) protocol launched in 2024, closely linked to US President Donald Trump and his family. Presented as an attempt to “improve the dollar,” the project consists of two pillars: a stablecoin, the USD1, backed by the US dollar, and a governance token, the WLFI.
According to data from the DeFiLlama analytics platform, the USD1 stablecoin is now the 7th most capitalized stablecoin with $2.75 billion.
Beyond this fundamental data, the project recently announced a buyback & burn program for its WLFI token. This type of mechanism is generally very popular with investors, who see it as a way of redistributing value. Over the last 30 days, the price of WLFI crypto has risen by 26.7%.
1 – Rain: +136.2%
Rain Protocol is a decentralized prediction market built on the Arbitrum blockchain and interoperable with the Base, BNB Chain, and Ethereum blockchains. It aims to be a “Uniswap of prediction markets”: anyone can create markets (public or private) on a wide range of events, without prior authorization.
The RAIN token is the protocol’s native cryptocurrency: it is used to participate in the ecosystem, pay for/participate in markets, and governance. Currently in beta, Rain claims to be a permissionless model, combining resolutions via oracles and artificial intelligence (AI) systems.
Over the last 30 days, the price of the RAIN token has skyrocketed, posting a +136% increase over this period.
Among the potential reasons for this surge is the fact that a Nasdaq-listed company has chosen to invest $212 million in the RAIN token.
Prediction markets are indeed on the rise, as evidenced by recent fundraising by the two industry leaders, Polymarket and Kalshi. However, we recommend caution when it comes to the RAIN token.
Companies that adopt a crypto treasury system often have a failing business model, and these strategic reversals are often “last-ditch” attempts to stay afloat.
Therefore, if the company decides to abandon its crypto treasury project, the RAIN token could be severely impacted.
Honorable mentions
Among the cryptocurrencies not included in the previous ranking due to their valuation below the Top 100, we can mention:
The TEL token from the Telcoin project, with a 100% increase over the last 30 days.
The MYX token from the MYX Finance decentralized exchange (DEX) project for perpetual contracts (perps), with a performance of 66.4% over the last 30 days.
The BAT token from Basic Attention, the native token of the Brave browser, used to reward users for their attention and fund a decentralized advertising model, with a performance of 46% over the last 30 days.
