Former BitMEX CEO Arthur Hayes Predicts Huge Altcoin Season This Summer, Ethereum Will Outperform Solana

Former BitMEX CEO Arthur Hayes has recently assured that a huge altcoin season is in the making this summer, and Ethereum is likely to outperform Solana this time.

Former BitMEX CEO Arthur Hayes has recently predicted a huge altcoin season this summer, with Ethereum likely to outperform Solana.

In an interview with Fortune, Hayes, who now runs his family fund Maelstron, said that, unlike 2021, when every single cryptocurrency went up 100x, this time it will be a bit different. According to him, only quality projects would do well and poor projects won’t likely participate in this market rally.

“I don’t think it’ll be like that in 2021, that every single coin just goes up 100x. We’ll have a new narrative, that people are going to try to trade and it’ll trade some crazy price, but the old dino coins in your portfolio that aren’t moving probably aren’t moving for a reason. I think a lot of those coins have high FDV, low float, no customers, no revenue, just some CEX listings, that went down 95%, I don’t really see why those should do well in the next cycle.”

Asked about what is his opinion on Ethereum vs Solana, and which of the two altcoins would perform better, Hayes chose ETH. According to him, Ethereum has received a lot of hate due to its underperformance and that many have started believing that the Ethereum ecosystem is not making any progress.

However, Hayes noted that it still has the most TVL (total-valued-locked), the number of developers, and is the most secure proof-of-stake blockchain.

“Solana obviously did very well from $7 to $172. But if I’m gonna deploy a fresh unit of fiat capital into the system, I think that Ethereum could outperform Solana in this next sort of 18-24 months bull run,” said Hayes.

Recently, Ethereum co-founder Vitalik Buterin laid out plans about how Ethereum Layer-1 should improve its scalability, without sacrificing the usability of personal nodes. Key initiatives in this roadmap include EIP-4444, distributed history storage, stateless verification, and the introduction of lightweight “partially stateless nodes” to improve performance and efficiency.

Additionally, Hayes also predicted that despite the altcoin season, BTC dominance will continue to increase and the Bitcoin price rally will extend to $250K.

After a strong run-up from mid-April, the crypto market has entered a strong consolidation period. But dropping Bitcoin dominance has made investors believe that alts are set to outperform BTC very soon.

Crypto analyst Captain Faibik has forecasted a potential bearish impulse in Bitcoin dominance (BTC.D), suggesting that a new altcoin rally may be on the horizon. If the trend unfolds, altcoins could gain significant traction in the market. As seen on the chart, Bitcoin dominance has been in a bearish trend since reaching highs above 73% in mid-April.