Grayscale’s Crypto Holdings Surge in November Amid Stellar and XRP’s Triple-Digit Gains

Grayscale Investments has seen its cryptocurrency holdings skyrocket in November, driven by surging altcoins like Stellar (XLM) and XRP.

The growth aligns with analysts’ expectations of an imminent altcoin season.

Data from Cryptorank reveals an 85% surge in the market capitalization of Grayscale’s crypto portfolio over the past month.

Stellar’s XLM Token Surges Around 500%

The standout performers include Stellar’s XLM token, which climbed an extraordinary 469%, and XRP, which posted gains exceeding 262%.

Decentraland’s MANA token also contributed to the rally, jumping more than 105% during the same period.

Analysts predict that an altcoin season, fueled by increasing investor confidence, could extend into early 2025.

Ether (ETH), for instance, is projected to surpass $4,000 before January 20, when President-elect Donald Trump assumes office.

One key indicator of this shift is Bitcoin’s dominance, which fell below its two-year support line on November 30.

Analysts view this as a signal of profit-taking from Bitcoin positions, with funds being reallocated into altcoins.

Ryan Lee, chief analyst at Bitget Research, forecasts XRP could rally to $2.57 by the end of December, citing historical growth patterns tied to Bitcoin halving events.

“XRP could reach approximately $2.57 during December 2024,” Lee said. “Historically, XRP has shown significant growth around 228 days after a Bitcoin halving.”

Potential progress on XRP-related exchange-traded funds (ETFs) is another anticipated catalyst.

Asset manager 21Shares recently filed for an XRP ETF with the U.S. Securities and Exchange Commission (SEC) on November 1.

Fundamental changes in regulatory leadership may also play a role.

SEC Chair Gary Gensler is set to step down on January 20, and Paul Atkins, a former SEC commissioner known for his pro-crypto stance, is the leading candidate to succeed him.

Analysts believe this transition could pave the way for more crypto-friendly regulations and ETF approvals, further boosting altcoin markets.

Grayscale to Launch Bitcoin ETF Options

As reported, Grayscale Investments is set to introduce options trading on its spot Bitcoin ETFs this Wednesday.

The move came amidst a surge in investor interest, as indicated by the record-breaking performance of BlackRock’s iShares Bitcoin Trust (IBIT) on its first day of options trading.

BlackRock’s IBIT recorded nearly $1.9 billion in notional exposure traded on its debut, including 354,000 contracts, with a striking 4.4:1 call-to-put ratio.

As reported, the New York Department of Financial Services (NYDFS) is reportedly poised to approve Ripple Labs’ RLUSD , an overcollateralized stablecoin pegged to the U.S. dollar.

Ripple is preparing for a potential launch as early as December 4.

The anticipated approval positions Ripple to enter New York’s heavily regulated digital finance market, further solidifying its presence in the broader stablecoin ecosystem.

Ripple’s flagship business revolves around RippleNet, a decentralized payments network offering a faster and cost-efficient alternative to traditional banking systems like SWIFT.

The network relies on blockchain technology to facilitate cross-border transactions.

While RippleNet’s operations are closely tied to its native cryptocurrency, XRP, the token faces legal scrutiny in the United States.