Arthur Hayes – co-founder of BitMEX – believes the altcoin season (a time frame during which the alternative coins outperform Bitcoin and reduce its dominance in the crypto market) is already here.
Assets like Ether (ETH), Arbitrum (ARB), and Dogecoin (DOGE) have marked substantial gains in the past 24 hours, whereas BTC has been relatively stable at a range of $30-31K.
Enter the Alt Season
In one of his most recent tweets, Hayes presented a price chart of Ether (ETH), outlining its spike above $2,100 achieved in the past several hours.
Allow me to reintroduce myself. My name is ALTSZN!!! pic.twitter.com/yIzE7Zxpaw
— Arthur Hayes (@CryptoHayes) April 14, 2023
The impressive performance of Ethereum’s native token could be a result of the successful completion of the Shapella upgrade – one of the most significant developments since the Merge. It enabled validators to withdraw staked ETH, which initially prompted some to assume that the coin’s price might head south, given the possible large amounts to be unlocked.
However, security measures did not allow such a massive unlocking, and the token’s valuation went in the opposite direction, surpassing $2,100 for the first time in almost a year.
Other digital currencies, including BNB and DOGE, have also been on the rise in the past several hours. The native token of Binance soared beyond $330 and has been up over 4% for the last seven days. The world’s largest crypto exchange announced its 23rd quarterly burn on April 14, removing more than $670 million worth of BNB from circulation.
Dogecoin is another asset situated well in the green zone. It spiked to $0.10 after Elon Musk changed Twitter’s main logo to the icon of DOGE on April 3 but declined to $0.08 in the following days.
It rallied again earlier this week to $0.09 after Twitter partnered with the fintech company eToro. The collaboration aims to allow users to access cryptocurrencies, stocks, and other monetary assets, and many argue that DOGE would be among the first tokens to be introduced.
BTC Loses Some Dominance
Another factor proving Hayes’ theory that the altcoin season has arrived is Bitcoin’s diminishing dominance in the past few days.
Even though it has reached a capitalization of almost $600 billion, the primary cryptocurrency currently accounts for 46.4% of the entire market (according to CoinMarketCap data). In comparison, the figure was 47.5% two days ago, prior to the Ethereum Shapella upgrade.
ETH, on the other hand, has increased its share from 18.4% on April 12 to 19.8% as of the moment of writing these lines.
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