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

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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. 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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