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 $0.245 with an $8.77B market cap. those were the days. 17% in a day felt like a warmup
Ether derivatives being built by credit default swap pioneers was the real signal. Wall Street was building the plumbing while retail was still buying spot.
even doge pumped 6.7% that day with $90k volume on kraken. the entire market was drunk on liquidity