In November, Grayscale’s cryptocurrency holdings witnessed a remarkable upswing. Cryptorank data indicates that the market capitalization of Grayscale Trust Investments’ crypto assets surged by a significant 85% during the month. Stellar (XLM), XRP, and Decentraland (MANA) were the standout performers. Stellar led the pack with a staggering 469% monthly gain, driven by increased adoption and favorable market sentiment. XRP experienced a 262% jump, bolstered by developments in the Ripple-SEC case and speculation around a potential XRP exchange-traded fund (ETF). Decentraland’s metaverse token, MANA, climbed 105%, mirroring the growing interest in virtual reality and metaverse initiatives. These advances signal the mounting momentum in the altcoin market.
Analysts foresee a robust altcoin season persisting into early 2025. There are projections that Ether (ETH) could reach $4,000 by January 20, aligning with President-elect Donald Trump’s inauguration. Bitcoin’s dominance dipped below its two-year support line on November 30, a typical precursor to altcoin performance surges. Ryan Lee from Bitget Research estimates XRP could reach $2.57 by December 2024, especially in the aftermath of the Bitcoin halving, which has historically favored altcoins.
Key events in January could further enhance XRP and other altcoins. The departure of SEC Chair Gary Gensler on January 20 and the potential replacement by the pro-innovation and crypto-friendly Paul Atkins might pave the way for more crypto ETFs and improved regulations, invigorating the market. Additionally, Asset manager 21Shares filed for an XRP ETF with the SEC on November 1, potentially hastening institutional adoption. It appears that investors are shifting Bitcoin profits into altcoins, laying the groundwork for a more extensive market rally.
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