VanEck forecasts ongoing growth for Bitcoin as altcoin index surges

Asset fund manager VanEck released a report stating that the Altcoin Season Index surged 53% over the course of the past 30 days. According to CryptoSlate, it believes that this can be interpreted as a bullish signal for Bitcoin. The index tracks how the top 50 cryptocurrencies by market cap have performed against Bitcoin over the past 90 days. Bitcoin often creates a feedback loop where it pushes up altcoin prices, which in turn pushes up the Bitcoin price until it reaches its cycle peak, the report explained.