Gemini invests $120M in altcoins, $103M in Ethereum
- Gemini has purchased $120 million worth of altcoins over the past 18 days, including Ethereum (ETH), Chainlink (LINK), and memecoins like Shiba Inu (SHIB) and Pepe (PEPE).
- ETH dominates the purchases with a share of $103 million.
- Analysts expect a potential altcoin rally in 2025, while the market is currently still fluctuating.
- Current market conditions could offer favorable buying opportunities for altcoins.
Gemini Expands Altcoin Portfolio
The crypto exchange Gemini has massively accumulated altcoins in recent weeks. A total of around $120 million has been invested in various digital currencies, with Ethereum (ETH) making up the largest share at $103 million. Other purchases include Chainlink (LINK) and popular memecoins Shiba Inu (SHIB) and Pepe (PEPE).
Is Gemini Preparing for the 2025 Altcoin Season?
The big question many market observers are asking: Is Gemini, or possibly its top clients, preparing for an altcoin rally in 2025? Analysts believe that a loosening of monetary policy by the U.S. Federal Reserve (Fed) could be a potential trigger for an altcoin season. Some altcoins have already shown a recovery since September, although this development has not been consistent across the entire market.
Bitcoin Dominance Could Delay Altcoin Rally
Bitcoin’s dominance recently hit a new high of 60%, which could further delay the altcoin rally. According to analyst Benjamin Cowen, the altcoin market could continue to struggle until the end of 2024 before picking up again in 2025. Cowen believes that the “altcoin reckoning” could be completed by the second week of January 2025 at the latest.
Favorable Buying Opportunities for Altcoins?
The current weakness in many altcoins could present an opportunity for investors to enter at favorable prices. For example, ETH is showing undervaluation according to the MVRV Z-Score (Market Value to Realized Value). This indicator compares the current price of an asset with the average cost of all acquired assets. Negative values indicate that the asset is undervalued.
ETH currently has an MVRV value of -15% for the 180-day period, suggesting that the price is low compared to historical costs. Analysts such as Ali Martinez see an attractive risk-reward ratio in ETH, especially if the support at $2,400 holds and the price rises towards $6,000.
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Chainlink Also Shows Signs of Undervaluation
Similar to ETH, Chainlink (LINK) is also showing a negative MVRV Z-Score reading, indicating potential undervaluation. Should the predicted altcoin rally occur in 2025, the altcoins acquired by Gemini could generate significant gains.
Our Assessment
Gemini’s recent investments in altcoins, particularly in Ethereum and Chainlink, could be a strategic move to benefit from a potential altcoin rally in 2025. Current market conditions may offer favorable entry points, especially for long-term investors. However, the development of Bitcoin dominance remains a key factor that could influence altcoin performance in the coming months.
Sources:
– Spot On Chain
– Santiment
– Benjamin Cowen
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