Markets: Bitcoin Little Changed, Ether Rises Before ‘Shanghai’ Upgrade, XRP Rises

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Bitcoin was trading low in Asia Friday morning, while Ether rose amid a mixed performance from the top 10 non-stablecoin cryptocurrencies by market capitalization. XRP was the biggest winner before the filing deadlines in the lawsuit between the US Securities and Exchange Commission (SEC) and Ripple Labs Inc. Ripple’s payment network is powered by XRP.

See related article: Who is exposed to FTX? A running compilation on a fast moving target

Quick Facts

  • Bitcoin fell 0.1% to US$16,603 in the 24 hours to 8am in Hong Kong, while Ether rose 1.7% to trade at US$1,203, according to CoinMarketCap.

  • Ether’s gains come despite some concerns about the lack of a date for Ethereum’s next network upgrade, known as “Shanghai,” the first major update for the network after September’s “Merge” to a proof-of-stake verification method.

  • XRP rose 5.6% to US$0.40, proving to be one of the more resilient tokens amid the market volatility following the collapse of crypto exchange FTX.com. November 30 is the date for both the SEC and Ripple to issue summary rulings in the lawsuit filed by the SEC against Ripple. Both sides will meet on December 2 to discuss the redaction of the case.

  • Solana gained 1.6% to US$14.58, a gain of 6.9% for the past seven days. This rebound follows the mishandling the token endured in the days following the collapse of FTX’s brokerage arm Alameda Research, which sold large amounts of their holdings in Solana to try and stay afloat.

  • Litecoin fell 0.3% to $78.76, ending a consecutive run, but is still up 26.1% in the past seven days, making it the strongest player on the list in that time. Litecoin is expected to halve its mining reward for the third time in eight months, slowing the pace of the token’s supply by half.

  • U.S. stocks were closed Thursday for Thanksgiving and will reopen for an abbreviated session ending at 1 p.m. Eastern Time on Nov. 25.

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