As a seasoned analyst with over two decades of experience in the financial markets, I have seen many bull and bear cycles come and go. However, the recent surge in Grayscale’s cryptocurrency holdings, particularly in Stellar (XLM) and XRP, has piqued my interest.
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.
According to data from Cryptorank, Grayscale Trust’s value of cryptocurrency investments has risen more than 85% in terms of market capitalization over the past month.
The primary cause for the growth in the asset management behemoth’s portfolio was fueled by two digital tokens – Stellar (XLM), which surged more than 469% on a monthly basis, and XRP (XRP) with an increase of over 262% within the past month.
According to CryptoMoon’s data, the digital token for the Decentraland metaverse, MANA, saw a significant increase as it ranked third among Grayscale’s investments, climbing more than 105% over the past month.
More and more financial experts are predicting a period of growth for alternative cryptocurrencies, or altcoins, extending towards early 2025. During this timeframe, Ethereum (ETH) could potentially reach $4,000 in value prior to January 20, the day when Donald Trump is due to officially become President.
Analysts eye altcoin season and XRP price rally to $2.57 by 2025
On November 30th, the dominance of Bitcoin dropped beneath a key support level it had maintained for two years. This event, noted by analysts, is often interpreted as a sign that an “altcoin rally” may be imminent. During such periods, investors who have been profiting from their Bitcoin investments tend to shift some of those funds into other cryptocurrencies, also known as altcoins.
Predictions suggest that the upcoming period for new cryptocurrencies (altcoins) might boost the value of XRP, potentially reaching $2.57 by the year 2024, as per Ryan Lee, the lead analyst at Bitget Research.
The analyst told CryptoMoon:
“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.”
Any advancements regarding the prospective XRP exchange-traded fund (ETF) could serve as a significant driving force behind the token’s value, Lee pointed out.
21Shares, a renowned asset manager, recently submitted an application for an exchange-traded fund (ETF) based on Ripple‘s digital token, XRP, to the United States Securities and Exchange Commission (SEC), on November 1.
It is possible that XRP and other alternative coins could experience positive price movements in the lead-up to January, due to potential significant events like the departure of Gary Gensler from his role as head of the Securities and Exchange Commission (SEC) on the 20th of January.
Such a development might indicate increased approval for crypto-backed ETFs and lenient cryptocurrency laws, given that Paul Atkins, a well-known advocate for innovation and cryptocurrency specialist, has become the front-runner for the position.
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2024-11-30 16:39