CryptoCrypto Diversification Outpaces Bitcoin, Ripple Gains on Legal Victory

Crypto Diversification Outpaces Bitcoin, Ripple Gains on Legal Victory

The cryptocurrency market is witnessing a shift in demand, as mid-tier and lower-tier tokens in the MarketVector index saw significant gains of 16% and 14% respectively in November, overshadowing bitcoin‘s modest 1% rise. As a result, bitcoin’s dominance of the $1.38 trillion crypto market has shrunk from 51.5% to about 49%. Digital Asset Capital Management described this rally as the most sustained and broad-based since January.

The anticipated approval of U.S. spot ETFs that invest directly in bitcoin fueled the rally last month. This rally is not limited to bitcoin, but is also evident in the DeFi sector, where borrowing rates at Aave, a major DeFi lender, have exceeded 10%.

In related news, XRP, which is linked to Ripple Labs Inc, is up 14%, spurred by Ripple‘s partial legal victory against the SEC regarding its regulatory status. Analysts at ByteTree suggest that traders are responding positively to these developments for Ripple.

Despite remaining below its 2021 record of $69,000, bitcoin has seen steady new buying, indicating a change in investor sentiment.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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