Grayscale’s cryptocurrency holdings have been significantly boosted by triple-digit gains in November for altcoins like MANA coin, Stellar (XLM), and XRP, reinforcing analysts’ predictions for the upcoming altcoin season. Notably, the market cap of these crypto assets has increased by over 85% in the past month. The significant gains in the portfolio were made by Stellar’s XLM token, which gained a massive 469%, and XRP, which surged by a remarkable 262%. The third big gainer was the metaverse token of Decentraland (MANA), with MANA coin up 105% in the past month.
Grayscale Makes Big Profit with MANA Coin and Other Cryptos
Grayscale saw major gains in November with XLM, XRP, and MANA coins. XLM increased by 469%; MANA coins by 105%; and XRP by 262%. In addition, Grayscale Investments recently reopened its private placements across 19 trusts, including XRP, Solana, and Stellar (XLM). As we reported at Kriptokoin.com, Grayscale has also included the Decentralized AI Fund in its private placement subscriptions for investors. This fund includes NEAR, TAO, FIL, RENDER, and GRT tokens. Crypto assets such as XRP, Solana (SOL), Stellar (XLM), Avalanche (AVAX), AAVE, Chainlink (LINK), Filecoin (FIL), and NEAR are among the notable components of the fund.
Bitcoin’s dominance fell below a two-year support level on November 30, suggesting that investors are taking profits from their Bitcoin positions and investing some of it in altcoins. This is being interpreted as a harbinger of the upcoming altcoin season. Leading on-chain analyst Ali Martinez has become bullish on altcoins, setting a medium-term target of $6,000 and a long-term target of $10,000 for Ethereum.
Expectations of Rise in Altcoins
Crypto trader Ash Crypto emphasized in his recent posts that Ether is “very close” to reaching $4,000. Ali Martinez made bold predictions about Dogecoin (DOGE), stating that DOGE could surge by 2,400% against BTC. On the other hand, XRP price has been one of the best-performing crypto assets recently, regaining the $100 billion market cap. Amid the recent rally, XRP overtook BNB as the fifth-largest cryptocurrency by market cap. Crypto analysts Egrag Crypto and Mikybull Crypto suggested that a double-digit price target for XRP could soon be realized.
Ryan Lee, chief analyst at Bitget Research, predicts that the XRP price could rise to $2.57 by the end of 2024. XRP’s focus on ETFs could be a major catalyst for price action. According to experts, XRP and other altcoins could receive signals that more crypto-based ETFs could be approved and favorable cryptocurrency regulations are coming after SEC Chairman Gary Gensler resigns on Jan. 20.