Grayscale Investments experienced an explosive surge in its cryptocurrency holdings this November, driven by stellar performances from Stellar (XLM) and XRP. The impressive gains coincide with analysts’ predictions of a coming altcoin season, signaling a shift in market dynamics.
Grayscale’s Portfolio Sees 85% Growth
According to Cryptorank, the total market capitalization of Grayscale’s crypto portfolio surged by 85% in November, underpinned by dramatic gains in leading altcoins.
Key contributors to this growth include:
- Stellar’s XLM Token: A staggering 469% increase in value.
- XRP: Recorded gains exceeding 262%.
- Decentraland’s MANA Token: Surged by over 105%.
This trend aligns with growing investor confidence in the altcoin market, with expectations of sustained growth into early 2025.
Bitcoin Dominance Drops as Altcoin Rally Continues
Bitcoin’s market dominance fell below its two-year support line on November 30, marking a potential pivot point. Analysts interpret this as a sign of profit-taking from Bitcoin, with investors reallocating funds into altcoins.
Ryan Lee, chief analyst at Bitget Research, predicts XRP could rally to $2.57 by December’s end, citing historical patterns tied to Bitcoin halving cycles.
“Historically, XRP has demonstrated significant growth approximately 228 days post-halving,” said Lee.
XRP ETF Filing and Regulatory Changes Boost Market Sentiment
Further fueling optimism around XRP, 21Shares filed for an XRP ETF with the U.S. SEC on November 1. Additionally, the impending departure of SEC Chair Gary Gensler on January 20 could herald more crypto-friendly regulations.
Paul Atkins, a former SEC commissioner known for his pro-crypto stance, is tipped to be Gensler’s successor. Analysts believe this leadership change could fast-track ETF approvals and establish clearer guidelines for crypto markets.
Grayscale Expands with Bitcoin ETF Options
Amid growing interest in crypto investment products, Grayscale Investments is set to launch options trading on its spot Bitcoin ETFs this Wednesday.
The decision follows the record-breaking performance of BlackRock’s iShares Bitcoin Trust (IBIT), which saw nearly $1.9 billion in notional exposure traded on its first day of options trading.
Ripple Labs Prepares for RLUSD Stablecoin Launch
In related news, Ripple Labs is gearing up to launch RLUSD, an overcollateralized stablecoin pegged to the U.S. dollar, with approval from the New York Department of Financial Services (NYDFS) anticipated by December 4.
This move positions Ripple to expand into New York’s highly regulated digital finance market, further cementing its presence in the stablecoin ecosystem.
Ripple’s flagship network, RippleNet, offers a faster and cost-effective alternative to traditional payment systems like SWIFT, leveraging blockchain technology for seamless cross-border transactions.
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