While Bitcoin dominated headlines with its meteoric rise toward $8,000 on November 16, 2017, the altcoin market was quietly staging its own dramatic performance. XRP, the token associated with Ripple, surged an impressive 17.6% on the day, while signs emerged that Ethereum derivatives were being prepared by veteran Wall Street players — signaling a maturing market that was expanding well beyond Bitcoin.
TL;DR
- XRP surged 17.6% to $0.245, with $26.5 million in trading volume on Kraken alone
- Ethereum traded at $331 as plans for ether derivatives emerged from credit default swap pioneers
- Bitcoin Cash dropped 14.6% to $1,010 as capital rotated out of fork coins
- EOS gained 6%, ZEC rose 5.5%, and even Dogecoin climbed 6.7%
- Bloomberg reported that ether derivatives were being developed by a pioneer of credit default swaps
XRP Leads the Altcoin Charge
XRP was the standout performer among major altcoins on November 16. According to Kraken’s daily market report, XRP gained 17.6% to trade at $0.2448, with $26.5 million in volume on that single exchange. On CoinMarketCap, XRP’s total market capitalization stood at approximately $8.77 billion, making it the third-largest cryptocurrency behind Bitcoin and Ethereum.
The surge in XRP came amid growing institutional interest in Ripple’s cross-border payment technology. Banks and financial institutions were increasingly exploring Ripple’s products for international settlements, and the token’s price action reflected optimism about real-world utility beyond pure speculation.
The altcoin rally was not limited to XRP. EOS gained 6% to $1.76, Zcash (ZEC) rose 5.5% to approximately $300, and even Dogecoin — often dismissed as a joke currency — climbed 6.7% with nearly $90,000 in daily trading volume on Kraken. The breadth of the altcoin rally suggested that capital was flowing across the entire crypto ecosystem, not just concentrating in Bitcoin.
Ether Derivatives: Wall Street Comes to Ethereum
Perhaps the most significant development for the altcoin market came from a Bloomberg report on November 16 revealing that ether derivatives were being developed by a pioneer of credit default swaps. The report indicated that the second-largest cryptocurrency was poised to receive its own sophisticated financial instruments, following in Bitcoin’s footsteps.
The timing was notable. CME Group had announced on October 31 that it would launch Bitcoin futures in Q4 2017, a move that had already sent shockwaves through the financial industry. Now, it appeared that Ethereum was next in line for the derivatives treatment, potentially opening the door for institutional investors to gain exposure to ETH through regulated products.
Ethereum was trading at approximately $330.92 on CoinMarketCap on November 16, with a market capitalization of roughly $31.7 billion. While ETH was down a modest 1.3% on the day on Kraken (trading at $325.40), its relative stability during Bitcoin’s explosive rally suggested a maturing market that was beginning to decouple from BTC’s price movements.
Bitcoin Cash Takes a Hit
Not every altcoin benefited from the day’s market dynamics. Bitcoin Cash, which had been one of the primary beneficiaries of the SegWit2x uncertainty, dropped 14.6% to trade at $1,010.16 on Kraken. The decline came as capital rotated back into Bitcoin following the cancelation of the SegWit2x fork on November 8.
During the SegWit2x debate, some Bitcoin supporters had promoted Bitcoin Cash as the “true” Bitcoin, arguing that its larger block size made it more aligned with Satoshi Nakamoto’s original vision. When SegWit2x was called off, much of that narrative lost steam, and Bitcoin Cash gave back some of its recent gains. Still, with over $50 million in daily volume on Kraken alone, BCH remained one of the most actively traded cryptocurrencies.
The Broader Market Picture
Looking at the full market landscape on November 16, the total value of all cryptocurrencies was expanding rapidly. Bitcoin’s market cap alone stood at $131.3 billion, while the combined crypto market was well above $200 billion. The diversity of price movements — with some coins surging while others pulled back — indicated a market that was becoming increasingly sophisticated and differentiated.
Litecoin held relatively steady at $63.54 (up 0.4%), Monero gained 1.85% to $121.73, and Dash slipped 0.87% to $415.50. The mix of winners and losers across different sectors of the crypto market reflected genuine price discovery rather than a single tide lifting or sinking all boats.
Why This Matters
November 16, 2017, was a preview of the diversification that would characterize the crypto market in the years ahead. The emergence of ether derivatives from Wall Street veterans signaled that institutional finance was not just interested in Bitcoin — it was building infrastructure for the entire digital asset class. XRP’s 17.6% surge demonstrated that altcoins with genuine use cases could attract significant capital independently of Bitcoin’s price action.
The divergent performance of Bitcoin Cash (down 14.6%) versus XRP (up 17.6%) also highlighted a maturing market beginning to differentiate between speculative fork plays and utility-driven tokens. This distinction would become increasingly important as the crypto market evolved from its Bitcoin-centric early days into a multi-asset ecosystem.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Past performance is not indicative of future results. Always conduct your own research before making investment decisions.
XRP at $0.24 with 26.5M volume on Kraken alone. wild to think people were calling it a security back then and it still pumped harder than everything else
BCH dumping 14.6% while XRP pumped 17% was the capital rotation signal. fork coins always bleed when real use case tokens catch a bid
CDS pioneer building ETH derivatives in 2017 when ETH was 331 dollars. that guy saw the derivatives thesis 3 years before it went mainstream
ether derivatives by credit default swap pioneers was the signal that TradFi was taking crypto seriously. BTC futures launched a month later and changed everything
XRP at 0.245 with 26.5M volume on Kraken alone. nowadays that volume happens in minutes on Binance. the market was so small and inefficient back then
doge up 6.7% in a single day back when it was just a joke coin. nobody knew what was coming
doge at this point was literally a meme and still outperformed half the serious projects. nothing has changed in 9 years lol
doge outperforming serious projects is literally the thesis of every meme coin trader since 2017. nothing new under the sun
BCH bleeding 14.6% while everything else pumped. the segwit2x crowd rotating into BCH got wrecked
segwit2x failure was the turning point. everyone who bet on that hard fork got punished and BCH never recovered
segwit2x was the moment btc maximalists realized forks could eat their lunch. BCH never recovered but the fear was real
bch crashing 14.6 percent to 1010 while everything else pumped. segwit2x bagholders got annihilated
mateusz the bch crash was straight capital rotation into eth and xrp. 331 eth was the real breakout
XRP at $0.245 with $26.5m volume on one exchange. the pre-lawsuit days when institutions actually wanted to use it
26.5m volume on a single exchange for xrp at 24 cents. different era completely
pre-lawsuit XRP genuinely had bank partnerships lined up for cross border payments. SEC lawsuit killed all that momentum and banks pivoted to stablecoins instead
TokenTom the SEC lawsuit killed XRP bank partnerships and those banks never came back. they moved to USDC and private chains. ripple missed its window
ripple_realist banks didnt come back because stablecoins solved the same problem without a token. XRP was never the only option for cross border
the CDS pioneer building ether derivatives in 2017 is such a forgotten detail. that guy literally invented the instrument that blew up in 2008 and now hes making crypto versions
derivatives_nerd that CDS pioneer was Blythe Masters. she ran JPMs global commodities desk before getting into blockchain. the irony of a derivatives pioneer building ETH products is wild
cds_oracle_ Blythe Masters going from JPM commodities to blockchain was the ultimate tell. she knew derivatives better than anyone on wall street and she picked ETH over BTC
derivatives_nerd honestly the fact that wall street was eyeing ETH derivatives at 331 dollars tells you they saw the direction way before the SEC did
bch_bagholder_7 BCH at 1010 crashing 14.6 percent while XRP pumped. the fork wars destroyed so much retail capital it set adoption back years
bch down 14.6 percent in a single day while xrp pumped 17. roger ver really thought the flippening was happening lmao
17.6% on XRP and people still thought Ripple was going to replace SWIFT. $0.24 to $3.84 in a year, then back to $0.30. classic pump on a nothingburger partnership