Grayscale crypto portfolio gains are yet another indicator of an impending altcoin season, which could result in an XRP rally of $2.57 by the conclusion of 2024.
In November, Grayscale’s cryptocurrency holdings experienced a substantial increase, as altcoins such as XRP and Stellar experienced triple-digit gains. This coincided with analyst predictions of an upcoming altcoin season.
Grayscale crypto holdings increase 85%
According to Cryptorank data, Grayscale Trust Investment’s cryptocurrency holdings have experienced a market capitalization increase of over 85% in the past month.
The Stellar token, which experienced a 469% increase on the monthly chart, and the XRP token, which increased by over 262% in the past month, were the primary drivers of the asset management giant’s portfolio increase.
According to data from Cointelegraph, the Decentraland metaverse token was Grayscale’s third-largest gainer in the past month, with a rise of over 105%.
Analysts are increasingly anticipating an altcoin season that will extend into early 2025. This could result in Ether reaching $4,000 before January 20, the date on which President-elect Donald Trump assumes office.
Analysts claim XRP price is expected to increase to $2.57 by 2025
Analysts interpret the decline in Bitcoin dominance below its two-year support line on Nov. 30 as a precursor to the upcoming altcoin season, during which investors allocate a portion of their Bitcoin positions to altcoins and realize profits.
Ryan Lee, principal analyst at Bitget Research, anticipates that the XRP price may increase to $2.57 by the conclusion of 2024 during the forthcoming altcoin campaign.
The analyst disclosed to 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.”
Lee further stated that the coin would experience a significant price increase as a result of additional advancements in the prospective XRP exchange-traded fund (ETF).
Nov. 1 marked the most recent filing for an XRP ETF by asset manager 21Shares with the US Securities and Exchange Commission (SEC).
XRP and other altcoins may also capitalize on fundamental price catalysts that occur in the lead-up to January, such as the resignation of SEC Chair Gary Gensler on January 20.
This could indicate the adoption of additional crypto-based exchange-traded funds (ETFs) and more favorable cryptocurrency regulations, as Paul Atkins, a former SEC commissioner, has emerged as the preferred candidate. Atkins is recognized for his crypto expertise and pro-innovation stance.
