CandleFocus VanEck projects sustained growth for Bitcoin as altcoin season index rises
2024-12-10
Author: Content Editor
The Altcoin Season Index has jumped 53% in the past 30 days to 63 points, according to VanEck. The firm believes that this surge could indicate upcoming gains for Bitcoin (BTC). When 75% of the top 50 cryptocurrencies outperform BTC, it is considered an "alt season." VanEck's head of digital assets research, Matthew Sigel, explained that historically, when the index surpasses 60 points, Bitcoin tends to rise by an average of 10% one month later, with even higher returns over three and six months. The recent performance of altcoins has also been strong, with Hedera (HBAR), Ethena's ENA, and Stellar (XLM) being the best performers among the top 50 in the past 90 days.
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