Markets: Bitcoin Little Changed, Ether Rises Ahead of 'Shanghai' Upgrade, XRP Climbs

Bitcoin was trading weak on Friday morning in Asia, while ether rose amid a mixed performance of the top 10 volatile cryptocurrencies by market capitalization. XRP was the biggest winner ahead of filing deadlines in the case 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? Flowing compilation on a fast moving target

Fast facts

  • Bitcoin fell 0.1 percent to $16,603 in the 24 hours to 8 a.m. in Hong Kong, while ether rose 1.7 percent to $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 to the network since September’s “Merger” of a proof-of-stake verification method.

  • XRP rose 5.6% to $0.40, proving to be one of the most resilient tokens amid market volatility following the collapse of crypto exchange FTX.com. It’s November 30th date for both SEC and Ripple to file summary judgments in SEC lawsuit against Ripple. Both sides are due to meet on December 2 to discuss revisions to the case.

  • Solana gained 1.6% to US$14.58, marking gains of 6.9% in the past seven days. This bounce follows the blow the token took in the days following the collapse of FTX’s brokerage arm Alameda Research, which sold large amounts of its Solana holdings to try to stay afloat.

  • Litecoin fell 0.3% to US$78.76, ending a streak, but is still up 26.1% over the past seven days, making it the top performer on the list during that time. Litecoin is expected to undergo its third mining reward halving in eight months, which will slow the token supply in half.

  • US stocks were closed on Thursday for the Thanksgiving holiday and will reopen for a shortened session ending at 1:00 PM ET on November 25.

See related article: Crypto exchange Bybit sets up $100 million fund to support institutional clients

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