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Grayscale’s cryptocurrency gains are another sign of an incoming altcoin season, which may lead to an XRP rally of $2.57 before the end of 2024.
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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.
Grayscale Trust Investment’s cryptocurrency holdings have increased by over 85% in market capitalization during the past month, according to Cryptorank data.
Public watchlist: Grayscale Trust Investments. Source: Cryptorank
The asset management giant’s portfolio increase was primarily driven by the Stellar (XLM) token, which rose over 469% on the monthly chart and the XRP (XRP) token, up over 262% during the past month.
XRP, XLM, MANA, 1-month chart. Source: Cointelegraph
The Decentraland (MANA) metaverse token was Grayscale’s third biggest gainer, up over 105% during the past month, Cointelegraph data shows.
Increasingly more analysts are expecting an altcoin season leading into early 2025, which could see Ether (ETH) rise to $4,000 before Jan. 20, when President-elect Donald Trump officially takes office.
Related: Bitcoin liquidity index points to $110K local BTC top by January 2025
Analysts eye altcoin season and XRP price rally to $2.57 by 2025
Bitcoin dominance fell below its two-year support line on Nov. 30, which is seen by analysts as a signal for an incoming altcoin season, when investors are taking profit from their Bitcoin (BTC) positions and investing part of these funds into altcoins.
Crypto market flow. Source: Rekt Capital
The incoming altcoin season could see XRP price rally up to $2.57 before the end of 2024, according to Ryan Lee, chief analyst at Bitget Research.
The analyst told Cointelegraph:
“It is anticipated that XRP could reach approximately $2.57 during [December 2024]. Notably, XRP’s price trends may be influenced by Bitcoin’s halving event. Historically, XRP has shown significant growth around 228 days after a Bitcoin halving.”
Further progress on the potential XRP exchange-traded fund (ETF) would be a major price catalyst for the coin, added Lee.
Asset manager 21Shares was the latest to file for an XRP ETF with the US Securities and Exchange Commission (SEC) on Nov. 1.
Related: Ethereum L2s surpass record $51B TVL after 205% yearly growth
XRP and other altcoins may also benefit from fundamental price catalysts leading into January, such as SEC Chair Gary Gensler stepping down from leading the securities regulator on Jan. 20
This could signal the acceptance of more crypto-based ETFs and favorable cryptocurrency regulations, as Paul Atkins, a former SEC commissioner, has emerged as the leading candidate, who is known for his pro-innovation stance and crypto expertise.
Bitcoin Could Explode After $100K—Here’s Why. Source: YouTube
Magazine: Is Bitcoin heading back to $90K? Solana ETFs, and more: Hodler’s Digest, Nov. 17 – 23
This article first appeared at Cointelegraph.com News
