New research has unveiled the most popular alternatives to Bitcoin for the year 2023, with Ethereum taking the top spot. The study, conducted by cryptocurrency experts at Marketplace Fairness, analyzed Google (NASDAQ:GOOGL) search data worldwide for a number of Bitcoin alternative cryptocurrencies to determine their popularity. Ethereum emerged as the leader among Bitcoin alternatives, garnering 3,260,000 searches globally every month.
Dogecoin ranks second on the list of most popular Bitcoin alternatives, with approximately 1,659,000 monthly searches. The currency's popularity has been on an upward trend recently, boosted by its mention in Walter Isaacson’s newly released biography of Elon Musk. The book revealed Musk's personal interest and financial involvement in Dogecoin development.
XRP sits in third place with around 1,250,000 searches each month worldwide. As the native cryptocurrency of the Ripple network launched in 2012, XRP is one of the older entries on the list.
The fourth place is occupied by another 'Meme coin', Shiba Inu, which attracts approximately 678,000 searches worldwide each month. It was founded in August 2020 and saw its peak price in October 2021 when its value rose by a significant 240% within a week.
Rounding out the top five is Cardano, with nearly 677,000 searches a month worldwide. This fully open-source currency was established in 2017 as a result of a crowdfunding campaign.
Despite Dogecoin's popularity, it experienced a price drop of 17.40% over the past month, falling from $0.07423 to the current $0.06141. However, it remains the eighth-largest cryptocurrency by market capitalization with a market cap of $8.66 billion and a transaction volume in the past 24 hours nearing $174 million.
This decline mirrors the general bear market trend observed in Bitcoin and other major cryptocurrencies. For instance, on August 16, 2023, Bitcoin and the rest of the crypto market lowered their price support level, with Bitcoin dropping from $29,000 to $26,000.
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