Bitcoin’s grip on crypto eases after climb in smaller tokens like XRP
Bitcoin’s revival.
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.
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.
“This rally is definitely broader and more sustained than any price action we have seen since January,” said Richard Galvin, co-founder at Digital Asset Capital Management. “In an environment that’s still relatively thin in regards to liquidity, we’re seeing some material moves to the upside.”
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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. 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.
The crypto rally is also spreading to corners such as decentralized finance, a catchall term for blockchain projects that enable peer-to-peer transactions. Interest rates to borrow stablecoins on major DeFi lender Aave topped 10%, a sign that investors are willing to pay up to fund trading positions.
XRP Ripples
Among smaller
