Grayscale’s cryptocurrency holdings have seen a remarkable surge during November, with altcoins like Stellar (XLM) and XRP posting triple-digit gains.
As per the data of Cryptorank, Grayscale Trust Investments has seen a significant 85% surge in the market capitalization of its cryptocurrency holdings in November. Stellar (XLM), XRP, and Decentraland (MANA) emerged as the top-performing assets in November, driving significant growth in Grayscale’s portfolio.
Stellar led with an impressive 469% monthly gain, fueled by rising adoption and positive market sentiment. XRP surged 262%, benefiting from developments in the Ripple-SEC case and speculation surrounding a potential XRP exchange-traded fund (ETF).
Meanwhile, Decentraland’s metaverse token, MANA, rose by 105%, reflecting increased interest in virtual reality and metaverse projects. These gains highlight the growing momentum in the altcoin market.
Analysts predict a strong altcoin season extending into early 2025, with Ether (ETH) potentially reaching $4,000 before January 20, coinciding with President-elect Donald Trump’s inauguration. Bitcoin dominance fell below its two-year support line on November 30, a traditional marker for altcoin performance spikes.
Bitget Research’s Ryan Lee estimates XRP could hit $2.57 by December 2024, especially post-Bitcoin halving, which historically benefits altcoins.
XRP and other altcoins could see a boost from key developments in January, including the departure of SEC Chair Gary Gensler on January 20. Paul Atkins, a pro-innovation and crypto-friendly leader, could replace Gary Gensler, potentially opening doors for more crypto ETFs and better regulations to boost the market.
Additionally, Asset manager 21Shares filed for an XRP ETF with the SEC on November 1, potentially accelerating institutional adoption. Investors appear to be reallocating Bitcoin profits into altcoins, setting the stage for a broader market rally.
