I make these often, and use them daily, as well as give them for gifts. Everyone needs a fresh new dishcloth now and then!
I always use 100% cotton, no matter what brand.
A friend once gave me one made of acrylic yarn, and I found that it didn't hold the water well, just slipped over the dishes....did not like it at all. It also stretched to a large size when wet.
I once found some lovely Egyptian cottons, which felt more silky, but after knitting these up, ( in various patterns) I gave then to friends as 'facecloths' rather than dishcloths....cuz they were more expensive and I dreaded thinking of them with food bits stuck in.