Markets: Bitcoin little changed, Ether rises ahead of ‘Shanghai’ upgrade, XRP climbs

Bitcoin traded little changed Friday morning in Asia, while Ether rose amid a mixed performance by the top 10 non-stablecoin cryptocurrencies by market capitalization. XRP was the biggest winner ahead of deadlines for filing briefs in the lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs Inc. Ripple’s payment network is powered by XRP.

See related article: Who is exposed to FTX? A running compilation on a rapidly moving target

Bitcoin dipped 0.1% to US$16,603 in the 24 hours to 8 a.m. in Hong Kong, while Ether rose 1.7% to trade at US$1,203, according to CoinMarketCap.

Ether’s gains come despite some concerns about the lack of a date for Ethereum’s next network upgrade, known as “Shanghai,” the first major update for the network after the “Merge” in September to a proof-of-stake verification method.

XRP rose 5.6% to US$0.40, proving to be one of the more resilient tokens amid the market volatility following the collapse of crypto exchange FTX.com. Nov. 30 is the date for both the SEC and Ripple to file summary judgments in the court case brought by the SEC against Ripple. Both parties are set to meet on Dec. 2 to discuss case redactions.

Solana gained 1.6% to US$14.58, marking gains of 6.9% for the past seven days. This rebound follows the battering the token took in the days following the collapse of FTX’s brokerage arm Alameda Research, which sold large quantities of their holdings in Solana to try to stay afloat.

Litecoin fell 0.3% to US$78.76, bringing a consecutive run up to an end, but is still up 26.1% in the past seven days, making it the strongest performer on the list over that time. Litecoin is expected to undergo its third mining reward halving in eight months, which will slow the pace of the token’s supply by half.

U.S. equities were closed on Thursday for the Thanksgiving holiday and will be opening again for an abbreviated session ending at 1 p.m. Eastern Time on Nov. 25.

See related article: Crypto exchange Bybit establishes US$100 million fund to aid institutional clients