ETH and XRP surpass Bitcoin in growth rates – CoinGecko study
Bitcoin sank the most in terms of dominance gain
ETH, XRP Lead Amid Cryptocurrency Rally
Market Capitalization of Virtual Assets Set Annual High
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In November, digital assets ether (ETH) and XRP (XRP) overtook Bitcoin (BTC) in growing dominance in the cryptocurrency market
Bitcoin, the largest cryptocurrency by market capitalization, lost ground to other assets in growing dominance in November 2020. This is the conclusion reached by the specialists of the CoinGecko service in their monthly report..
Bitcoin Dominance Index reportedly sank 1.5% to 65.7% in November.
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At the same time, ether (ETH) and XRP (XRP) increased their market share by 1.1% (up 12.6%) and 2.6% (up 5.5%), respectively..
Analysts note that Bitcoin’s consolidation at $ 19,000, coupled with a stronger non-essential asset market, “hints at a return to altcoin season.”.
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In November, bitcoin rose in price by almost 43%, but it is far behind other digital assets in terms of growth rates. So, for example, ETH in November grew by almost 59%, and XRP by 177%. However, at the time of this writing, the last asset had already adjusted by more than 40%.
CoinGecko believes cryptocurrencies are gaining in value through the support of institutional investors and recognition in the mainstream media. Amid Bitcoin Rally, Major Top 100 Altcoins by Market Cap Gain More than 41%.
Along with the bullish growth of BTC, the capitalization of the virtual assets market updated its annual maximum at around $ 554 billion.The November growth in the capitalization of the top 30 cryptocurrencies surpassed the October growth (46% versus 20%) and led to a new annual maximum.
Read also: JPMorgan expects another $ 600 billion in Bitcoin investment
Recall that in November, the BeInCrypto editorial staff reported that the world’s largest investment firm BlackRock for the first time publicly advised to take a closer look at cryptocurrencies. Rick Reeder, chief investment officer at BlackRock, said the benefits of cryptocurrencies will be especially noticeable when markets turn their attention back to the pandemic..
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