Bitcoin (BTC)-based investment products are facing strong competition from altcoin-based products, according to cryptocurrency data company CryptoCompare.
The crypto data firm says in a new report that the investment products based on Litecoin (LTC) and smart contract blockchain Solana (SOL) had better returns than those based on BTC over the 30-day period leading to November 19th.
[adinserter block="1"]“BTC-based investment products were outperformed by Solana & Litecoin-based products, 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 investment products recorded losses over the same period while products based on Ethereum and Solana registered profits.
“BTC-based products experienced losses over the last 30 days, ranging from -6% to -13% while ETH products saw gains ranging from 0.5% to 7% for ETH products.
21Shares’ ASOL ETN [Exchange-Traded Notes] experienced the largest gain at 22%…”
The report also highlights that the level of assets under management (AUM) for Bitcoin saw a significant drop on a month-on-month basis while the AUM for other crypto assets surged.
“Bitcoin AUM fell 9.5% to $48.7 billion in November, its largest month-on-month pullback since July. Meanwhile, Ethereum and other cryptocurrency products saw 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 percentage of the total crypto assets under management fall month-on-month from 73.7% to 70.6% in November.
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