Grayscale’s cryptocurrency holdings saw a significant increase in November, with altcoins like Stellar (XLM) and XRP posting triple-digit gains.
Grayscale increased by 85%, Source: CryptoRank
According to Cryptorank data, Grayscale Trust Investments saw a significant 85% increase in the market value of its crypto assets in November. Stellar (XLM), XRP, and Decentraland (MANA) emerged as the top-performing assets in November, leading to significant growth in Grayscale’s portfolio.
Stellar led the way with an impressive 469% monthly gain, supported by rising adoption and positive market sentiment. XRP rose 262%, benefiting from developments in the Ripple-SEC lawsuit and speculation around a possible XRP exchange-traded fund (ETF).
1-month chart of XRP, XLM, MANA, Source: TradingView
Meanwhile, Decentraland’s metaverse token MANA is up 105%, reflecting the growing interest in virtual reality and metaverse projects. These gains highlight the growing momentum in the altcoin market.
Analysts predict a strong altcoin season that could extend into early 2025, with Ether (ETH) reaching $4,000 before Jan. 20 and coinciding with the inauguration of President-elect Donald Trump. Bitcoin dominance fell below a two-year support line, a traditional indicator of altcoin performance, on Nov. 30.
Ryan Lee of Bitget Research predicts that XRP could reach $2.57 by December 2024, especially following the Bitcoin halving, which has historically benefited altcoins.
XRP and other altcoins could see a boost due to major developments in January, including the departure of SEC Chairman Gary Gensler on Jan. 20. Paul Atkins, a pro-innovation and crypto-friendly leader, could replace Gary Gensler, potentially opening the door for more crypto ETFs and better regulation to boost the market.
Additionally, asset manager 21Shares filed for an XRP ETF with the SEC on Nov. 1, which could accelerate institutional adoption. Investors appear to be reallocating Bitcoin profits to altcoins, setting the stage for a broader market rally.
