BitMEX Founder Arthur Hayes Predicts When Altcoin Season Will Start

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. BitMEX founder Arthur Hayes has opined on when altcoin season will start.

Arthur Hayes, founder of cryptocurrency exchange BitMEX, has offered his take on when altcoin season will begin, tying it to Bitcoin’s performance.

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What Happened: After a period where several market analysts were suggesting that cryptocurrencies were in a bear market, crypto has seen a positive decoupling from stocks on Monday, and a broader market surge on Tuesday has brought renewed hope to investors.

Now, as the crypto market continues to recover, one of the biggest topics among traders has been the possibility of altcoin season.

After a year where most of the gains were concentrated in Bitcoin, and altcoins struggled to keep pace, investors are hopeful that period could be kicking off now, with several major altcoins outperforming BTC on Tuesday.

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What Contributed: Among those discussing altcoin season was Hayes, who continues to post regularly about his market observations.

In a recent post, Hayes said altcoin season will start after Bitcoin hits fresh all-time highs above its January record of nearly $110,000 per coin.

The BitMEX founder also shared his take on which assets will perform best. According to Hayes, assets tied to projects that generate and share revenue will perform best, while speculative assets like memecoins will lag.

"The best performing assets in this bull market will be those projects that generate and share revenue with their token holders (e.g., d2d platforms, exchanges, DeFi protocols, and Web3 startups). The worst performing assets will be speculative assets like memecoins or coins with no clear use case or revenue potential," he said.

The market analyst’s altcoin take comes as he continues to sound bullish on Bitcoin. Earlier this week, Hayes said he sees potential for Bitcoin to rise to $480,000 per coin in the next bull market, which he predicts will begin in 2025.

According to his calculations, if Bitcoin were to realize a 300% gain from its January peak of $105,000, it would reach around $480,000.