Arthur Hayes – co-founder of BitMEX – believes altcoin season (a time when alternative coins outperform Bitcoin and reduce its dominance in the crypto market) is already here.
Assets like Ether (ETH), Arbitrum (ARB), and Dogecoin (DOGE) marked substantial gains over the past 24 hours, while BTC was relatively stable in the $30-31,000 range.
Enter the Alternate Season
In one of his most recent tweets, Hayes presented a price chart for Ether (ETH), depicting its peak above $2,100 reached in the past few hours.
Allow me to reintroduce myself. My name is ALTSZN !!! pic.twitter.com/yIzE7Zxpaw
—Arthur Hayes (@CryptoHayes) April 14, 2023
The impressive performance of the native Ethereum token could be the result of the success of the Shapella upgrade – one of the most significant developments since the Merger. This allowed validators to withdraw staked ETH, which initially led some to speculate that the price of the coin might head south given the large amounts to be released.
However, security measures did not allow for such a massive release, 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 risen over the past few hours. Binance’s native token has soared past $330 and is up over 4% in the past seven days. The largest crypto exchange in the world announcement its 23rd quarterly burn on April 14, removing over $670 million worth of BNB from circulation.
Dogecoin is another good asset in the green zone. He dope to $0.10 after Elon Musk changed Twitter’s main logo to the DOGE icon on April 3, but fell to $0.08 in the following days.
He rallied even earlier this week at $0.09 after Twitter partnered with fintech company eToro. The collaboration aims to give users access to 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 altcoin season has arrived is Bitcoin’s waning dominance over the past few days.
Despite reaching a capitalization of nearly $600 billion, the leading cryptocurrency currently accounts for 46.4% of the entire market (according to CoinMarketCap data). By comparison, the figure was 47.5% two days ago, before the Ethereum Shapella upgrade.
ETH, on the other hand, has increased its share from 18.4% on April 12 to 19.8% at the time of writing.
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