Grayscale’s Crypto Holdings See 85% Surge Driven By Massive Altcoin Gains

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.