Record trading for crypto assets in November, XRP soars

Cryptocurrency trading volumes literally exploded in November on the eToro platform. However, the company’s latest monthly report reveals some interesting surprises. In fact, despite Bitcoin coming close to 20,000 collars, surprisingly, the crypto asset that has increased the most is XRP, which is up 1151%. 

However, in the top 10 most traded cryptocurrencies, all of them register triple-digit growth in trading volumes. 

Specifically, this is the top 10:

1. Bitcoin +221%;
2. XRP + 1151%;
3. Ethereum + 279%;
4. Cardano +230%;
5. Stellar +859%;
6. Tron +170%;
7. Litecoin +335%;
8. IOTA +302%;
9. Tezos +105%;
10. Bitcoin Cash +281%.

These volumes are motivated by several factors. For example, Ripple experienced a real rally that led it to double its price. Bitcoin remains at the top of the leaderboard, boosted by its price increase to almost USD 20,000. Ethereum, on the other hand, ceded its second position to Ripple and did not benefit from the launch of Ethereum 2.0.

The price of Bitcoin was certainly influenced by institutional investors.

eToro analyst Simon Peters explains:

“Despite the obvious euphoria of retail investors, the recent rise in Bitcoin prices is largely due to institutional investor interest driving demand, as well as a potential increase in cryptocurrency adoption through payment platforms such as PayPal.”

Altcoins don’t disappoint though, Ripple in particular. Simon Peters adds in this regard: 

“Although it is Bitcoin that has generated most of the discussion, altcoins are also having a great time with investors turning to alternative cryptocurrencies to diversify their wallets and earnings. The rise of XRP in month-on-month transactions is only natural against this backdrop of rising prices in November. The token rose from $0.240 at the beginning of the month to $0.661 at the end of November.”

These assets could also prove to be a “store of value”: 

“Despite the short-term gains that many of the top crypto assets have made, it is important to remember that many investors could get the most out of this type of asset by managing it as a long-term investment, thus resisting the temptation of day trading. Although there is a steady decline in volatility levels, there continue to be price fluctuations on a daily basis.”

The Italian crypto trading ranking for November

The ranking of Italian trading volumes mirrors the general ranking. However, some significant differences emerge. For example, Ripple climbs 1446%, well above the value shown in the previous chart. In this case too, Ripple outperforms Ethereum, which is still up 281%. 

The top of the chart is firmly in the hands of Bitcoin which is up 237%, but Stellar has also made impressive progress. Like its cousin Ripple, XLM has also climbed four digits with a +126% increase since November.