Bitcoin Dips as ETF Hype Fades—XRP, Solana and Toncoin Surge

Bitcoin is down today but other top digital assets have surged overnight.

The biggest cryptocurrency by market cap has dipped 1.5% in the past day at the time of writing, trading for $34,254 per coin, CoinGecko data shows.

Bitcoin is still up significantly from the start of the month, when it was priced at $27,189. Hype around a Bitcoin exchange-traded fund (ETF) hitting Wall Street has led to an increase in interest in the asset, with institutions pouring money into the space.

In fact, asset manager CoinShares said in a report yesterday that digital asset investment products saw inflows of $326 million last week—the largest single week of inflows since July 2022.

But this week, it’s still alt coins that are on a roll.

XRP was priced at $0.60—a nearly 7% 24-hour rise, making it one of the best performing top altcoins.

The fifth biggest digital asset by market cap is still far below the high of $0.82 it touched in July after a ruling from a federal judge partially sided with Ripple Labs over the Securities and Exchange Commission.

While Toncoin (TON) also shot up in the past 24 hours, coming in at $2.23, a jump of over 5%. The native cryptocurrency of The Open Network, TON has made significant gains since messaging app Telegram launched a self-custodial digital wallet for its users.

And Solana (SOL), the eighth biggest digital asset by market cap, is still continuing to climb. It’s currently priced at $36.30, a nearly 5% 24-hour gain.

Bitcoin Sees Lion’s Share of Investment Amid Spot ETF Hype: CoinShares

While meme coins like Pepe appear to be making a comeback, the biggest dog coins—Shiba Inu (SHIB) and Dogecoin (DOGE)—are down over 2% each.

SHIB developers launched a new identity protocol in August but it got off to a rocky start and the asset has slowly plunged since then.

Edited by Stacy Elliott.

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