The Bitcoin exchange rate on November 7 remains close to $35 thousand, but investor capital partially flows into alternative cryptocurrencies, or altcoins. The largest coins are growing in price and are ahead of the market leader in terms of growth dynamics. Investor capital partially flows into alternative cryptocurrencies, but CFO of the ASTL investment project Konstantinas Sizova believes that it is too early to talk about a full-fledged “altcoin season”.
The XRP token from Ripple Labs has already shown one of the best results in November, adding 14% since the beginning of the month. The coin is supported by Ripple’s partial legal victory over the Securities and Exchange Commission (SEC) in a dispute over whether the sale of XRP tokens constitutes an unregistered securities transaction within the authority of the agency. The SEC’s litigation with Ripple Labs has become the cornerstone of the campaign to regulate the cryptocurrency industry in the United States, and the trial itself is not over yet. A Nov. 9 briefing on remedies for outstanding issues in the case has sparked speculation about a possible final settlement of the SEC lawsuit. After Ripple Labs received key permits to operate and provide services in Georgia and Dubai last week, the XRP rate jumped by almost 10% in a day, the token immediately overtook BNB (the token of the largest crypto exchange Binance), becoming the fourth largest cryptocurrency by market capitalization . The XRP rate on November 7 is at $0.68. According to the Coinglass service, which tracks the wallets of the largest cryptocurrency exchanges, the total volume of forced liquidations of short positions in XRP over the past 24 hours amounted to just under $2 million. This may indicate that the growth of the token was largely due to spot transactions and active participation of retail investors in the current rally.
Other major digital assets, including the native tokens of the Cardano (ADA) and Avalanche (AVAX) networks, the popular meme cryptocurrency Dogecoin (DOGE), the Chainlink network token (LINK) and the decentralized exchange token Uniswap (UNI) also increased by 5 over the past 24 hours –6%.
The Solana network token (SOL) remains in the spotlight amid significant price growth and last week’s Breakpoint conference in Amsterdam, which was attended by dozens of ecosystem application developers. The price of SOL, as of November 7, is $41; over the past week, the token has risen in price by more than 11%. The coin is among the top ten largest crypto assets with a capitalization of about $15 billion and has more than tripled in price since the beginning of the year. The NFT marketplace token Blur (BLUR) has grown by 30% since the beginning of November. Blur is preparing to distribute 300 million tokens to users on November 20th in the form of an airdrop. In addition, the OpenSea platform, Blur’s main competitor, announced the reduction of 50% of its employees. Over the past three weeks, the token price had already risen from $0.15 to $0.27, an 80% increase, but after OpenSea announced cuts on November 3, BLUR rose another 33%.
Market growth is also extending to areas such as decentralized finance (DeFi). Interest rates on stablecoin loans at the largest DeFi lending service Aave, according to Aavescan, exceeded 10%, which may indicate that investors are willing to overpay to finance their trading positions.
Bitcoin, meanwhile, is trading in a narrow range around $35 thousand. Ethereum (ETH) generally repeats the dynamics of the first cryptocurrency. On November 7, the price is $1.87 thousand. The superior performance of altcoins could be a sign that traders continue to transfer profits from the October rally of Bitcoin, which rose in price by about 30%, into digital assets with lower capitalization. At the same time, our expert believes that it is too early to talk about the so-called altcoin season. The so-called Altseason Index (altcoin season index) is, according to Blockchain Center, at around 29%. According to TradingView, Bitcoin’s dominant market share (the largest crypto asset’s share of total market capitalization) fell to 52.6% on November 7 from 54.3% at the end of October, which was a two-year high at the time. Bitcoin’s significant rise in the past month comes amid expectations that the first US exchange traded fund (ETF) investing directly in the cryptocurrency will soon receive approval. Investor optimism was also boosted by the news that the US Federal Reserve System (FRS) will suspend interest rate increases. Bitcoin has more than doubled in a year from late 2022 lows amid the collapse of crypto exchange FTX and related companies. On Friday, November 4, the court found FTX founder Sam Bankman-Fried guilty of seven counts of fraud and conspiracy to embezzle other people’s finances.