Originally published on: November 30, 2024
Grayscale Trust Investment’s cryptocurrency portfolio has experienced a significant surge in market capitalization, increasing by over 85% in November. This growth has been driven by impressive gains in altcoins such as Stellar (XLM) and XRP, which have seen triple-digit percentage increases.
According to Cryptorankdata, Stellar’s XLM token spiked by a staggering 469% on the monthly chart, while XRP’s XRP token saw a 262% increase over the same period. Additionally, Decentraland’s MANA token emerged as Grayscale’s third biggest gainer, climbing over 105% in value.
Analysts are now predicting an upcoming altcoin season that could lead to further gains for cryptocurrencies like XRP. With Bitcoin’s dominance falling below key support levels, many investors are diversifying their portfolios into altcoins in anticipation of a market shift.
Ryan Lee, chief analyst at Bitget Research, believes that XRP’s price could rally up to $2.57 by the end of 2024, especially if progress is made on the potential XRP exchange-traded fund (ETF). Recent filings for an XRP ETF with the US Securities and Exchange Commission (SEC) signal growing institutional interest in these digital assets.
As regulatory conditions become more favorable and key figures like SEC Chair Gary Gensler step down, the stage is set for further growth in the altcoin market. With potential catalysts like the acceptance of cryptocurrency ETFs on the horizon, altcoins like XRP and Stellar are poised for a bright future.
Stay updated on the latest developments in the crypto market with our weekly newsletter, Finance Redefined. Discover new financial opportunities and make informed decisions with confidence. Subscribe now to receive exclusive insights delivered every Friday.