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Bitcoin little changed, Ether rises ahead of ‘Shanghai’ upgrade

Bitcoin traded slightly on Friday morning in Asia, while Ether rallied amid mixed performance by the top 10 most volatile cryptocurrencies by market capitalization. XRP was the big winner ahead of the filing deadlines in the lawsuit between the US Securities and Exchange Commission (SEC) and payment network Ripple Labs Inc.

See related article: Who is exposed to FTX? Assembly in progress on a rapidly moving target

quick Facts

  • Bitcoin fell 0.1% to $16,603 in the 24 hours to 8 a.m. in Hong Kong, while ether rose 1.7% to trade at $1,203, according to CoinMarketCap.
  • Ether’s gains come despite some concerns about the lack of a date for the next upgrade of the Ethereum network, known as “Shanghai,” the network’s first major update after September’s “merger” to the 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 cryptocurrency exchange FTX.com. November 30 is the date for both the SEC and Ripple to deliver summary rulings in the case filed by the SEC against Ripple. The two parties are scheduled to meet on December 2 to discuss a revision of the case.
  • Solana rose 1.6% to $14.58, posting a 6.9% gain over the past seven days. The rebound follows the pounding that the token took in the days following the collapse of FTX brokerage arm Alameda Research, which sold off large amounts of its Solana holdings in a bid to stay afloat.
  • Litecoin fell 0.3% to $78.76, ending the streak, but still gained 26.1% in the past seven days, making it the strongest performer on the list during that time. Litecoin is expected to undergo its third mining reward halving in eight months, which will slow the pace of the coin offering by half.
  • US stocks were closed Thursday for the Thanksgiving holiday and will open again for a brief session ending at 1pm ET on November 25th.

See related article: Crypto exchange Bybit creates $100 million fund to help institutional clients

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