Grayscale’s cryptocurrency holdings have significantly increased during November, as altcoins like Stellar and XRP registered triple-digit gains, reinforcing analyst predictions of an incoming altcoin season. Notably, its cryptocurrency holdings have increased by over 85% in market capitalization during the past month.
Its portfolio increase was mainly driven by Stellar’s XLM token which registered a massive 469% increase on the monthly chart and XRP, which has gained a noteworthy 262% in the last month. The third biggest gainer was the Decentraland metaverse token MANA which is up over 105% during the past month.
Grayscale Reopens Private Placements
In a recent development, Grayscale Investments has also reopened private placement in its 19 trusts, including XRP, Solana, and Stellar (XLM) for eligible investors.
Grayscale also listed Decentralized AI Fund among the trusts for private placement subscriptions. The fund consists of 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?
Notably, Bitcoin dominance fell below its two-year support line on Nov. 30, which is seen as a signal for an incoming altcoin season, when investors are taking profit from their Bitcoin positions and investing part of these funds into altcoins.
XRP, ETH, DOGE To Rally
A prominent on-chain analyst, Ali Martinez is also bullish on altcoins, as he predicted bold targets. He noted that the mid-term target for Ethereum remains $6,000 and issued a long-term target of a massive $10,000!
Ash Crypto, a crypto trader, in a latest X post noted that Ether is “very close” to reaching $4,000. Ali Martinez also posted a bullish DOGE message. “Just when I thought I couldn’t be more bullish on Dogecoin $DOGE, this chart says otherwise! DOGE might be ready for a 2,400% rally against Bitcoin $BTC,” he noted.
The XRP price has hit a $100 billion market cap again, further providing a bullish outlook for the crypto, as it has been one of the best-performing crypto assets in recent times. In an X post, crypto analyst Dark Defender shared that the XRP price could rally as high as $5 after $1.88.
“The 4-hour chart shows a new structure for $XRP. Before a correction, we expect XRP to touch $2.13 soon. New resistances appear as $4.11 and $6.42 in the 4-H time frame. These align with our main second target of $5.85 after $1.88.” he noted.
Amid the recent rally, XRP has also flipped BNB to become the fifth-largest crypto by market cap. Crypto analysts like Egrag Crypto and Mikybull Crypto have also suggested that a double-digit price target for the XRP price is on the horizon.
Ryan Lee, chief analyst at Bitget Research predicts XRP price rally up to $2.57 before the end of 2024. The focus on XRP ETF could be another major catalyst for XRP price action.
XRP and other altcoins may also benefit from SEC Chair Gary Gensler stepping down on Jan. 20. This could signal the acceptance of more crypto-based ETFs and favorable cryptocurrency regulations. Notably, Paul Atking is the leading contender for the position, renowned for his pro-innovation stance and crypto expertise.
