Bitcoin’s 28% surge last month was the best since January on expectations that the first US spot exchange-traded funds investing directly in the token will soon win approval.
Gauges tracking the bottom half and 30 mid-tier tokens in MarketVector’s index of the largest 100 digital assets are up 16% and 14% respectively so far in November — exceeding the wider measure’s 4% gain and a 1% rise in Bitcoin. ADVERTISEMENT CONTINUE READING BELOW As a result, Bitcoin’s share of the $1.38 trillion crypto market is down to about 49% from a peak of 51.5% in October, CoinGecko data shows. Digital-asset investors often view such a drop as a sign of growing risk appetite.
A general sense of optimism has spilled beyond the largest digital asset, aided by bets that the Federal Reserve is done with interest-rate hikes. XRP ripples Among smaller tokens, the XRP coin linked to Ripple Labs Inc. has been one of the stronger performers in November so far, adding 14%. The token is benefiting from Ripple’s partial legal victory over the Securities & Exchange Commission on whether XRP is a security that falls under the agency’s regulatory purview.
Bitcoin rebound Bitcoin has advanced 111% this year following a crypto rout in 2022. The climb has weathered the damage to the sector’s reputation from the conviction of Sam Bankman-Fried for a multibillion-dollar fraud at the FTX exchange, one of a number of digital-asset platforms that went bust.
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