Grayscale’s cryptocurrency holdings increased significantly in November, with altcoins like Stellar and XRP posting triple-digit gains, reinforcing analyst predictions for the upcoming altcoin season.
Grayscale Trust Investment’s cryptocurrency holdings have grown by more than 85% in market capitalization over the past month, according to Cryptorank data.
Public watchlist: Grayscale Trust Investments. Source: CryptoRank
The asset management giant’s portfolio gains were primarily driven by the Stellar (
XRP, XLM, MANA, 1 month charts. Source: Cointelegraph
The Decentraland (MANA) metaverse token was Grayscale’s third biggest gainer, up more than 105% over the past month, according to Cointelegraph data.
A growing number of analysts are predicting that altcoin season will begin in early 2025, which could push Ethereum (ETH) to $4,000 before January 20, when President-elect Donald Trump is officially inaugurated.
relevant: The Bitcoin Liquidity Index points to a local BTC high of $110,000 by January 2025.
Analysts expect altcoin season and the price of XRP to rise to $2.57 by 2025.
Bitcoin dominance fell below the two-year support line on November 30th. Analysts see this as a sign of the upcoming altcoin season, with investors taking profits from their Bitcoin (BTC) positions and investing some of these funds into altcoins.
Cryptocurrency market trends. source: Recht Capital
The upcoming altcoin season could see the price of XRP rise up to $2.57 by the end of 2024, according to Ryan Lee, senior analyst at Bitget Research.
An analyst told Cointelegraph:
“XRP is expected to reach around $2.57 during December 2024. In particular, XRP’s price trends may be affected by the Bitcoin halving event. Historically, XRP has seen significant growth for approximately 228 days following a Bitcoin halving.”
Lee added that further progress on a potential XRP exchange-traded fund (ETF) would be a major price catalyst for the coin.
Asset management company 21Shares is the latest company to apply for an XRP ETF to the U.S. Securities and Exchange Commission (SEC) on November 1.
relevant: Ethereum L2 surpasses a record $51 billion TVL after growing 205% year over year.
XRP and other altcoins could benefit from fundamental price catalysts leading into January, including SEC Chairman Gary Gensler stepping down from his position as head of the securities regulator on January 20.
This could be a sign of greater acceptance of cryptocurrency-backed ETFs and favorable cryptocurrency regulation, with former SEC Commissioner Paul Atkins emerging as a leading candidate known for his pro-innovation stance and cryptocurrency expertise.
Bitcoin may explode after $100,000. Here’s why: Source: YouTube
magazine: Is Bitcoin heading back to $90,000? Solana ETF and More: Hodler’s Digest, November 17-23