Grayscales Crypto Portfolio Rises 85% as Altcoins Like XRP and Stellar Surge
- Grayscale crypto holdings grew 85% in November, led by Stellar, XRP, and Decentraland.
- Analysts expect a strong altcoin market as investors move funds from Bitcoin to altcoins.
- Regulatory changes and new ETF approvals could help the crypto market grow in 2025.
In November, Grayscale Trust Investments saw a major pump in cryptocurrency holdings, with altcoins like Stellar (XLM) and XRP showing impressive gains.
Grayscales Crypto Portfolio
According to data from Cryptorank, Grayscale portfolio grew by 85%. That in market value during the month, mainly driven by Stellar, XRP, and Decentraland (MANA). Stellar led the way with a massive 469% rise, while XRP surged 262%. Decentralands token MANA also grew by 105%.
These strong gains have led many analysts to believe that we are entering an altcoin season. Where altcoins could perform well for the rest of 2024 and into 2025.
The drop in Bitcoins dominance, which fell below a key support level at the end of November. Which indicates that investors may be shifting funds from Bitcoin to altcoins.
Analysts are even predicting that XRP could rise to $2.57 by the end of 2024. Especially after the Bitcoin halving event. Which increases the price of altcoins.
Regulation changes could also help support this growth. In January 2025, SEC Chair Gary Gensler is expected to step down, and many believe his replacement, Paul Atkins, could create a more crypto-friendly environment. If this happens, it could lead to more approval of crypto-based ETFs and better regulations, which would help the market grow.
Additionally, asset manager 21Shares filed for an XRP ETF with the SEC in early November. Which could help XRP gain more institutional support. With these changes in the market and regulatory space, many investors are rethinking their positions and getting ready for what could be a strong year for altcoins.
Grayscales increased holdings in these rising altcoins are just a sign of growth momentum heading to 2025.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
