There’s a new battle shaping up in the crypto markets… this time between XRP and Stellar.
eToro has confirmed that XRP trading activity on its exchange rose by 1,151% in November—the biggest rise seen among crypto assets.
The heightened demand came as the world’s third-biggest cryptocurrency surged by 150% over the course of the month. As Modern Consensus reported last week, this could have been driven by BTC and ETH’s healthy performance, rumors of products that could unlock new use cases for XRP, and a spike in the number of new accounts activated on the XRP Ledger.
But eToro’s figures show that XRP wasn’t basking in the limelight alone. Another altcoin that enjoyed a remarkable surge in trading activity was Stellar (XLM)—up 859% month on month.
Indeed, XLM’s price growth was even stronger than XRP’s. This cryptocurrency more than trebled in value during November—buoyed by a protocol delivering two new features that aim to make apps and services based on the network much simpler to use.
As eToro market analyst Simon Peters noted:
“Bitcoin has been the focal point for much of the crypto community, but altcoins are also making waves as investors look to alternative cryptoassets to diversify and make gains elsewhere. XRP’s increase in month-on-month trades is entirely logical in the context of November’s price rise. The token rose from $0.240 at the start of November to $0.661 at the end of it.”
An unusual week
After last week’s euphoria, it’s been a rather mixed bag for cryptocurrencies. Bitcoin is struggling to punch through $19,300—denying it the opportunity to surge meaningfully past its all-time high.
Compared with prices seven days ago, BTC is flat with gains of just 0.09%, while ETH has managed to eke out growth of 0.89%.
But among other altcoins, the picture isn’t looking anywhere near as rosy. XRP has dropped 10.5% over the past seven days, settling in at $0.61. XLM, which itself was a hard fork of Ripple, has fared even worse, dwindling by 17.31%—the severest losses among the top 10 cryptocurrencies based on their market capitalization.
It seems like “altseason”—the crypto term describing when smaller cryptocurrencies begin to seize market share from Bitcoin and deliver outsized gains—may not be upon us just yet. Indeed, you could argue that a further surge will hinge upon whether BTC manages to regain strength and crack the resistance zones that stand in its way.