VanEck: The altcoin seasonal index has grown by 53% in the past 30 days, indicating that Bitcoin will further increase
VanEck believes that the recent significant growth of the Altcoin Season Index, which has risen 53% to 63 points in the past 30 days, may indicate an upcoming rise in Bitcoin (BTC). This index tracks the performance of the top 50 cryptocurrencies by market cap over the past 90 days relative to Bitcoin. When 75% of these tokens (excluding stablecoins and asset-backed cryptocurrencies) outperform BTC, it is considered "Altcoin Season".
Matthew Sigel, Head of Digital Asset Research at VanEck, emphasized that after this index exceeds 60 points for a month, Bitcoin often averages a rise of about 10%. Within three months, average returns tripled while within six months they typically surged by around 73%.
Sigel explained that Bitcoin usually drives up altcoin prices creating a feedback loop further pushing up BTC until cryptocurrency reaches its cycle peak. According to this index Hedera (HBAR) was the best performing altcoin among top fifty over last ninety days with gains reaching upto four hundred and fifty percent. Ethena(ENA) came second with returns amounting to three hundred forty two percent followed closely by Stellar(XLM), which rose nearly three hundred twenty six percent during same period.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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