2023 is coming to a close and this gives crypto industry stakeholders a chance to take stock of the state of the market. The last few months have been quite eventful, with legal, regulatory, and market developments having had an impact on several tokens in the market.
In November 2023, there are a number of tokens that have come out on top of the crypto market and are being driven by consumer demand and the environment of recovery that the industry is seeing. While 2024 is still a few weeks away, here are some of the top-valued tokens in November 2023:
1. Bitcoin
The world’s most valuable token is rounding off November 2023 with a bang. Bitcoin has successfully broken through the $35,000 resistance point and many analysts believe it could break $40,000 by the end of the year. Bitcoin’s progress has been bolstered by several developments including the decision by the feds to hold exchange rates and the BlackRock Bitcoin spot ETF that seems to be on its way to approval. Even during the crypto winter, Bitcoin continued to be used domestically, such as in the gambling sector. A look at the top apps here will show that many accept Bitcoin for gambling and this has driven demand.
And as Bitcoin’s price soared in November, we can expect this demand to further increase. Bitcoin, like many tokens, had a rough period late last year and early this year but if November’s performance is any indication, there are better days ahead.
2. Ether
Trailing just behind Bitcoin is Ether, the native token of the Ethereum ecosystem. Ether also felt the impact of the crypto winter earlier this year but has risen to a per-token price of over $2,000 and is now eyeing bigger resistance points. Just like Bitcoin, Ethereum has seen a number of wins and incoming developments that have boosted its success. First, there was its switch to a proof-of-stake consensus which endeared it more towards consumers and made it better for the environment.
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There was also the Ethereum ETF application filed by BlackRock, the same company pushing for the Bitcoin ETF. It’s believed that if the first ETF goes through, the Ether one will as well. And while there has been some concern about Ether whales selling off chunks of their token stock, the domestic use of Ether in things like gambling and cross-border transfers has helped maintain its price high.
3. Tether
Even with all the gains that ‘traditional’ cryptos are making within the market, Tether’s success shows that there is still space for stablecoins. Tether is currently trading at a dollar and has maintained this price, which is what its users want from it, ultimately. Throughout all the chaotic market movements we’ve seen during the winter and as we come out of it, many crypto users have turned to stablecoins like Tether to avoid the volatility whilst still reaping the benefits of cryptocurrency.
As the winter continued, we also saw more use of stablecoins like Tether in the entertainment sector and the trickle-down effect of all the ETF excitement. The management of Tether has also had reason to celebrate in November 2023 as it came out on top in a class-action lawsuit that had brought into question the validity of its reserves claims.
4. BNB
Because it is the native token of Binance, one of the biggest exchanges on the planet, BNB was pegged to succeed from its inception. But BNB has seen an especially profitable 2023 thanks to the many wins of its home exchange. While Binance faced some challenges in America after being sued by the SEC, it has continued to expand its operations abroad and just announced a new exchange to launch in Thailand. BNB is used to pay trading fees and for investment in the Binance platform so this has kept demand for the token healthy. There is also the Binance Smart Chain that has been widely used for the creation of other applications and this, in turn, has meant that more people are using BNB to settle network fees. November 2023 has been a good month for the BNB token because Binance itself has seen a lot of success and this doesn’t seem to be changing anytime soon.
5. XRP
Ripple Labs, the creators of XRP, scored a major win this year when a court ruled in its favour after it was sued by the SEC. And while XRP was ruled as not being a security, it is being heavily used by consumers, especially for cross-border transactions. XRP has carved its own niche for this purpose and its user base has remained loyal over the years. Then there is XRP as an investment vehicle which has proven to be valuable, trading at around $0.64 per token. But throughout November, there have been whispers of XRP crossing the $25 mark. These rumours have mostly been driven by alleged plans by Ripple Labs to launch an Initial Public Offering at some point in the future. It’s believed that either that or the pending crypto ETFs will push the token to a new all-time price high.
Conclusion
As the year comes to an end, we’re seeing several tokens take centre stage in the crypto industry and make impressive market gains. The tokens on this list are some of the most valuable today and from all indications, including the BlackRock ETF and regulatory developments, will continue to be into the future.
