While many crypto traders are still waiting for the subsequent altcoin season to start, BitMEX co-founder Arthur Hayes said it has been underway all along.
“There is at all times an altcoin season… and [if you’re] I at all times say that altcoin season shouldn’t be here, [it’s] since you didn’t own what went up,” Hayes said during a podcast interview posted to YouTube on Thursday.
Hayes said many traders still expect the altcoin season to play out the identical way as previous years, assuming the identical cryptocurrencies and narratives repeat themselves. “You wanted it to be just like the last altcoin season because you then felt such as you knew what to do,” Hayes said.
Hayes warns that traders should “adapt” and never look to the past
“Oh, I even have to purchase these items because that’s what worked so well last season,” he added.
Arthur Hayes (right) spoke with Kyle Chasse (left) on his podcast on Thursday. Source: Kyle Chasse
Hayes said crypto traders should rethink their approach and listen to what's latest available in the market as a substitute of counting on history. “This is a brand new season, pumping latest things,” he emphasized.
Hayes noted that Hyperliquid (HYPE) is the “best story” of this crypto cycle to date, noting that it should start at “two or three dollars” before “running as much as $60.”
He also cited Solana (SOL), which lost most of its gains in 2022 to almost “seven dollars” before rising to almost $300 earlier this yr.
Solana is down 6.27% within the last 30 days. Source: CoinMarketCap
“There was one other altcoin season. They just didn't take part in it,” he said.
However, not everyone agrees with Hayes. CoinQuant CEO Maen Ftoui recently told Cointelegraph that older cryptocurrencies which have or are expected to receive an exchange-traded fund (ETF) will take in much of the capital deployed in the subsequent altcoin season.
The industry is debating what the subsequent altcoin season will appear like
Many within the industry have different views on how and when the subsequent altcoin season will happen.
Some traders are still waiting for the standard rotation, starting with Bitcoin (BTC) hitting latest highs before capital rotates into Ether (ETH) after which into smaller altcoins.
Meanwhile, Bitfinex analysts said in August that altcoins are unlikely to see a broad, outsized rally until ETFs that provide exposure beyond the most important cryptocurrencies are approved.
