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Little change in Bitcoin; Dogecoin is leading the group

Following a relatively quiet few days of trading during the Thanksgiving holiday in the United States, Bitcoin was little changed in Monday morning trading amid mixed outcomes from the other top 10 non-stablecoin cryptocurrencies. Elon Musk, a longstanding supporter of tokens and the new CEO of Twitter Inc., utilized the platform to announce a big advancement for his electric vehicle company Tesla Inc., making Memecoin Dogecoin the outstanding performer.

According to CoinMarketCap, in the 24 hours, Bitcoin dropped 0.2% to US$16,439 and Ether dropped 0.9% to US$1,208.

The only cryptocurrency to enjoy double-digit increases was Dogecoin, which increased 11% to US$0.098, almost reaching its best level in almost three weeks. When Musk said that the “Tesla team just completed a 500 mile drive with a Tesla Semi weighing in at 81,000 lbs!”  these gains appeared out of nowhere. 

The success of Musk and his businesses is frequently correlated with that of Dogecoin; when Musk’s purchase of Twitter was officially announced, for instance, the memecoin experienced considerable increases. Shiba Inu, another copycat token, saw gains greater than those of any other top 10 token, rising 2.9% to US$0.000009286.

The world’s largest cryptocurrency exchange Binance Global Inc.’s BNB Smart Chain’s native token, BNB, declined 1.2% to US$307.69 but is still up 16.4% over the last seven days. In response to increased industry scrutiny following the demise of the Bahamas-based exchange FTX.com, Binance recently revealed their proof of reserves to promote transparency over user funds.

Litecoin suffered the worst losses, dropping 1.9% to US$7.03, but it has nonetheless emerged as one of the top-performing main tokens, rising nearly 36% in November despite the extremely volatile market following FTX’s demise. It is anticipated that Litecoin will experience its third mining reward halving in eight months, slowing the rate at which the token’s supply is created by half.

The U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs Inc., whose payment network is powered by XRP, is getting closer to the deadline for both parties to file summary judgments. Although it was little changed on Monday morning, XRP increased 9.7% to US$0.39 in the past seven days of trading. On December 2, both parties are scheduled to meet to talk about case redactions.

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