Bitcoin (BTC)-based funding merchandise are dealing with robust competitors from altcoin-based merchandise, in response to cryptocurrency knowledge firm CryptoCompare.
The crypto knowledge agency says in a brand new report that the funding merchandise primarily based on Litecoin (LTC) and sensible contract blockchain Solana (SOL) had higher returns than these primarily based on BTC over the 30-day interval resulting in November nineteenth.
“BTC-based funding merchandise had been outperformed by Solana & Litecoin-based merchandise, led by 21Shares’ ASOL (Solana-based product) and Grayscale’s LTCN (Litecoin-based product), which returned 22.0% and 14.9% respectively.”
CryptoCompare says Bitcoin-based funding merchandise recorded losses over the identical interval whereas merchandise primarily based on Ethereum and Solana registered income.
“BTC-based merchandise skilled losses during the last 30 days, starting from -6% to -13% whereas ETH merchandise noticed good points starting from 0.5% to 7% for ETH merchandise.
21Shares’ ASOL ETN [Exchange-Traded Notes] skilled the most important acquire at 22%…”
The report additionally highlights that the extent of property below administration (AUM) for Bitcoin noticed a big drop on a month-on-month foundation whereas the AUM for different crypto property surged.
“Bitcoin AUM fell 9.5% to $48.7 billion in November, its largest month-on-month pullback since July. In the meantime, Ethereum and different cryptocurrency merchandise noticed their AUM rise 5.4% to $16.6 billion and 10.4% to $2.6 billion, respectively.”
The decline drives Bitcoin’s market share as a proportion of the full crypto property below administration fall month-on-month from 73.7% to 70.6% in November.
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