Grayscale's Crypto Portfolio Increases by 85%: Is Altcoin Season Approaching?

November 2024 marks a strong boom phase for the cryptocurrency market, especially for Grayscale's investment portfolio. According to data from Cryptorank, the total market cap of #Grayscale has increased by over 85%, led by altcoins with triple-digit growth.

Notable Growing Altcoins

• Stellar ($XLM ): Increased by 486% this month.

• Ripple ($XRP ): Increased by 369% this month, reaching its highest level since 2018.

• Decentraland ($MANA ): Increased by 120% this month.

Analyst Ryan Lee from Bitget Research predicts XRP could reach $2.57 before the end of 2024, thanks to fundamental factors such as Bitcoin halving and the XRP ETF event.

XRP ETF and Potential Impact

Currently, there are 4 major companies competing for the approval of the XRP ETF, including Bitwise, Canary, 21Shares, and WisdomTree. If approved, this ETF could create a significant boost, continuing to push XRP to new highs.

Market Support Factors

1. Bitcoin Halving (4/2024): History shows that altcoins often experience strong growth after this event.

2. Change in SEC Leadership: Gary Gensler is expected to leave his position in January 2025, replaced by Paul Atkins - who has a crypto-friendly view.

3. Decline in BTC Dominance: Bitcoin's dominance rate is decreasing, signaling a shift of funds to altcoins.

Expectations for Altcoin Season

With a combination of macro factors and positive policy outlooks, many analysts believe that a major “Altcoin Season” could occur in late 2024 or early 2025, providing significant opportunities for altcoin investors.