Greyscale’s crypto portfolio surges 85%, driven by triple-digit altcoin gains
Greyscale's cryptocurrency holdings rose sharply in November as altcoins such as Stellar and XRP posted triple-digit gains.
According to Cryptorank data, Greyscale Trust Investment's cryptocurrency holdings increased by more than 85% by market capitalization last month.
Public Watchlist: Greyscale Trust Investments. Source: Cryptorank
The asset management giant's portfolio gains were mainly driven by the Stellar (XLM) token, which rose more than 469 percent on the monthly chart, and the XRP (XRP) token, which rose more than 262 percent last month.
XRP, XLM, MANA, 1-month chart. Source: Cointelegraph
The Decentraland (MANA) metaverse token was Greyscale's third-largest gainer, rising more than 105% in the past month, according to Cointelegraph data.
A growing number of analysts are anticipating the altcoin season in early 2025, when Ether (ETH) could rise to $4,000 before January 20, when President-elect Donald Trump officially takes office.
Related: Bitcoin Liquidity Index Points To $110K Local BTC Peak By January 2025
Analysts see altcoin season in 2025 and XRP price to reach $2.57
Bitcoin dominance fell below its two-year support line on November 30, in what analysts see as a sign of the coming altcoin season as investors take profits from their Bitcoin (BTC) positions and invest a portion of these funds into altcoins.
Crypto market flow. Source: Rect Capital
According to Ryan Lee, chief analyst of Bitget Research, the price of XRP could reach $2.57 before the end of 2024 during the upcoming altcoin season.
The analyst told Cointelegraph:
“XRP is expected to reach $2.57 during that period [December 2024]. Specifically, XRP price trends may be influenced by Bitcoin's halving event. Historically, XRP has experienced significant gains around 228 days after Bitcoin's halving.
Lee added that further growth in the XRP exchange-traded fund (ETF) will be a major price boost for the coin.
Asset manager 21Shares was the latest to register an XRP ETF with the US Securities and Exchange Commission (SEC) on November 1.
Related: Ethereum L2s Exceeds $51B TVL After 205% Annual Growth
XRP and other altcoins could benefit from fundamental price incentives heading into January as SEC Chairman Gary Gensler steps down as the securities regulator on Jan. 20.
This may indicate the acceptance of more crypto-based ETFs and favorable cryptocurrency regulations, Paul Atkins, former SEC commissioner, emerged as the front candidate, who is known for his pro-innovative position and knowledge of crypto.
Bitcoin Could Explode After $100K—Here's Why Source: YouTube
Magazine: Is Bitcoin Going Back To $90K? Solana ETFs, and more: Hodler's Digest, November 17 – 23
