Grayscale’s Altcoin Gains Drive 85% Surge in Crypto Holdings
Grayscale’s cryptocurrency holdings have experienced a significant increase in November, driven by the strong performance of altcoins such as Stellar (XLM) and XRP. These altcoins have seen triple-digit gains, confirming the predictions of analysts who forecast an upcoming altcoin season. Grayscale’s cryptocurrency holdings have grown by over 85% in market capitalization in the past month.
The surge in Grayscale’s portfolio can be attributed to the remarkable performance of Stellar’s XLM token, which has recorded a massive 469% increase on the monthly chart. XRP has also made noteworthy gains, with a 262% increase in the last month. Another top performer is the Decentraland metaverse token MANA, which has seen a growth of over 105% in the past month.
In a recent development, Grayscale Investments has reopened private placements in its 19 trusts, including XRP, Solana, and Stellar (XLM), for eligible investors. The Decentralized AI Fund, which consists of NEAR, TAO, FIL, RENDER, and GRT tokens, has also been listed among the trusts for private placement subscriptions. This fund includes XRP, Solana (SOL), Stellar (XLM), Avalanche (AVAX), AAVE, Chainlink (LINK), Filecoin (FIL), and NEAR.
The decline in Bitcoin dominance below its two-year support line on November 30 is seen as a signal for the onset of an altcoin season. During this season, investors tend to take profits from their Bitcoin positions and allocate part of their funds to altcoins. As a result, there is optimism for the rally of altcoins such as XRP, ETH, and DOGE.
On-chain analyst Ali Martinez is bullish on altcoins and has set bold targets. He predicts that Ethereum’s mid-term target remains at $6,000 and has a long-term target of $10,000. Another crypto trader, Ash Crypto, believes that Ether is close to reaching $4,000. Ali Martinez also sees potential for a 2,400% rally in Dogecoin (DOGE) against Bitcoin (BTC).
The XRP price has reached a market cap of $100 billion again, indicating a positive outlook for the cryptocurrency. It has been one of the best-performing crypto assets recently. Analyst Dark Defender suggests that the XRP price could rally as high as $5, following a correction after reaching $1.88. XRP has also surpassed Binance Coin (BNB) to become the fifth-largest cryptocurrency by market cap.
Ryan Lee, chief analyst at Bitget Research, predicts that the XRP price could rally up to $2.57 by the end of 2024. The focus on an XRP ETF could also serve as a major catalyst for the price action of XRP. Additionally, the stepping down of SEC Chair Gary Gensler on January 20 could potentially lead to the acceptance of more crypto-based ETFs and favorable cryptocurrency regulations. Paul Atking is considered a leading contender for the position, known for his pro-innovation stance and expertise in cryptocurrencies.
Tags: Altcoins