See Grayscale Crypto Holdings’ 85% Driven by Massive Altcoin Gains
Greyscale's cryptocurrency holdings rose sharply in November as altcoins such as Stellar and XRP posted triple-digit gains. In particular, the cryptocurrency holdings have increased by more than 85% in market capitalization in the last month.
The portfolio's gains were mainly driven by Stellar's XLM token, which recorded a massive 469% gain on the monthly chart and XRP, which gained a significant 262% last month. The third biggest gainer was the Decentraland metaverse token MANA, which is up more than 105% in the past month.
Grayscale reopens private placements.
In a recent development, Greyscale Investments has reopened a private placement in 19 cryptocurrencies, including XRP, Solana and Stellar (XLM).
Grayscale also lists decentralized AI funds among the trusts for private placement subscriptions. The currency has NEAR, TAO, FIL, RENDER and GRT tokens. These include XRP, Solana (SOL), Stellar (XLM), Avalanche (AVAX), AAVE, Chainlink (LINK), Filecoin (FIL) and NEAR.
Altcoin season on the horizon?
In particular, Bitcoin's supremacy fell below its two-year support line in 2018. November 30, which is seen as a sign of the upcoming altcoin season, as investors take profits from their Bitcoin positions and shift a portion of these funds into altcoins.
XRP, ETH, DOGE to Rally
Famous on-chain analyst, Ali Martinez is very bullish on altcoins as he predicts bold targets. The medium-term target for Ethereum remains at $6,000 and the long-term target is a whopping $10,000!
A crypto trader named Ash Crypto recently revealed on XPost that Ether is “very close” to reaching $4,000. Ali Martinez also posted Doge's message. “Just when I thought I couldn't be more bullish on Dogecoin $DOGE, this chart says otherwise! DOGE may be poised for a 2,400% rally on Bitcoin $BTC,” he said.
The price of XRP regained the market value of 100 billion dollars, giving crypto more visibility, because it is one of the best performing crypto assets in recent times. In X's post, crypto analyst Dark Defender shared that the price of XRP could go up to $5 after $1.88.
“4-Hour Chart Reveals New Structure for $XRP. Before the correction, we expect XRP to touch $2.13 soon. New resistances are seen as $4.11 and $6.42 in the 4-H timeframe. These are in line with our primary secondary target of $5.85 after $1.88. he said.
Amid the recent rally, XRP has overtaken BNB to become the fifth largest crypto by market cap. Crypto analysts such as Egrag Crypto and Mikybull Crypto have also suggested that a double-digit price target is on the horizon for the price of XRP.
Ryan Lee, chief analyst at Bitget Research, predicts XRP's price rally to $2.57 before the end of 2024. The focus on the XRP ETF could be another major catalyst for XRP's price action.
XRP and other altcoins can also benefit from the release of SEC Chairman Gary Gensler on January 20. This may indicate the acceptance of more crypto-based ETFs and favorable cryptocurrency regulations. In particular, Paul Atking, known for his creativity and crypto expertise, is a leading contender for the position.
