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Bitcoin Today 12/11/2024: altcoin index suggests 70% increase in BTC price
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After two days of falling, the Bitcoin (BTC) registered a slight increase of 0.6% this Wednesday (11) and continued above US$98,000. According to CoinGecko, the cryptocurrency recorded a trading volume of $133.8 billion in the last 24 hours.
Top 10 performance was mixed, with XRP leading the day’s highs by rising 5.1%while Dogecoin (DOGE) fell 3.3% and had the biggest loss. Among the Top 100, the biggest highlight was the token from the decentralized exchange Raydium (RAY), whose increase reached 21%. On the negative side, the biggest drop of the day was the MOVE token, which fell 23.8%.
On the other hand, asset manager VanEck released data from its altcoin season index, the famous “altseason”. According to the manager, the index reached above 60, which suggests a strong increase in the price of BTC in the coming months. The same manager predicted that Bitcoin will reach US$3 million by 2050, showing strong short- and long-term optimism.
Currently, the price of BTC has been facing resistance to surpass US$ 100 thousand againwith some analysts claiming that this is the natural top of the cryptocurrency. But according to VanEck, Bitcoin’s rise is not over and the price still has the strength to appreciate more than 70% in the coming months.
Altcoin index predicts 70% rise in Bitcoin
VanEck shared bullish data for Bitcoin, linking the altcoin’s strong performance to BTC’s potential gains. According to your analysis, the Altcoin Season Index surpassed 60, meaning more than 60% of the top 50 altcoins outperformed BTC in the last 90 days.
Although this data may indicate that Bitcoin is losing space, VanEck points out that, in fact, Bitcoin tends to generate positive returns in subsequent months. After all, the appreciation of altcoins depends on the strength of BTC pulling these coins, as altseason usually happens after BTC’s bullish rally.
The Altcoin Season Index measures the percentage of the top 50 cryptocurrencies outperforming Bitcoin over a 90-day period. A value above 60 suggests a strong altcoin seasonhistorically correlated with the favorable performance of BTC.
VanEck’s findings reveal that after the index crosses 60, Bitcoin’s average returns often exceed double digits. In fact, VanEck makes the following return projections based on this indicator:
The study, which analyzed 61 of these occurrences, also highlighted the probability of positive returns from Bitcoin: 56.5% in 1 month, 59.9% in 3 months and 61.1% in 6 months. This means that BTC price could rise to $160,000 by mid-2025.
In addition to the altcoin index, the traditional market should bring data that deserves the attention of BTC investors. One of these data is the IPC, the main data related to US inflation and which directly impacts BTC.
Bitcoin Today 12/11/2024: altcoin index suggests 70% increase in BTC price
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Bitcoin Today 12/11/2024: altcoin index suggests 70% increase in BTC price
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Bitcoin Today 12/11/2024: altcoin index suggests 70% increase in BTC price
