亞瑟·海斯（Arthur Hayes）揭示了市場參與者何時應該期待這個週期的山寨幣季節

更廣泛的加密貨幣市場一直在預期Altcoin季節，這一時期替代加密貨幣的價格優於比特幣。

Co-founder of crypto derivatives platform BitMEX, Arthur Hayes, has revealed when market participants should expect this cycle’s altcoin season.

加密衍生品平台BITMEX的聯合創始人Arthur Hayes透露，市場參與者應期望這個週期的Altcoin季節。

The broader crypto market has been anticipating altcoin season, a period when the prices of alternative cryptocurrencies outpace Bitcoin. Since Bitcoin first hit $100,000 in December 2024, discussions about when this event could begin have taken center stage in the crypto community.

更廣泛的加密貨幣市場一直在預期Altcoin季節，這是一個替代加密貨幣的價格超過比特幣的時期。由於比特幣在2024年12月首次達到100,000美元以來，有關該活動何時開始的討論已成為加密社區的中心舞台。

Timeline for Altcoin Season

Altcoin季節的時間表

Even though altcoins have also experienced gains, this growth pales in comparison to previous alt seasons. With many investors asking when this cycle’s altcoin season would begin, Anna Tutova, a journalist with Fortune, recently posed this question to Hayes at the Token2049 event in Dubai.

即使AltCoins也經歷了收益，但與以前的ALT季節相比，這種增長仍然顯得趨於平穩。隨著許多投資者詢問該週期的Altcoin賽季何時開始，財富的記者安娜·圖托瓦（Anna Tutova）最近在迪拜的Token2049活動中向海耶斯提出了這個問題。

In response, Hayes stated that for altcoin season to commence, Bitcoin’s price must break above $110,000. It’s worth noting that Bitcoin approached the $110,000 mark in January but ultimately failed, with its rally peaking at $109,114.

作為回應，海耶斯表示，要開始替代幣季節，比特幣的價格必須超過110,000美元。值得注意的是，比特幣在一月份達到了110,000美元的成績，但最終失敗了，其拉力賽的峰值為109,114美元。

However, once Bitcoin surpasses $110,000, Hayes anticipates increased volume will drive the price toward loftier targets like $150,000-$200,000 by summer or Q3 2025.

但是，一旦比特幣超過$ 110,000，海耶斯預計增加的數量將推動價格更高的目標，例如夏季到夏季或第三季度2025 $ 150,000- $ 200,000。

Afterward, he expects profit-taking in Bitcoin to follow suit, with some being channeled into altcoins, potentially kicking off altcoin season.

之後，他預計比特幣的利潤會效仿，其中一些人被引入山寨幣，有可能啟動Altcoin賽季。

2025 Altcoin Season Would Be Smaller Compared to 2021

與2021相比，2025 Altcoin季節會更小

Nevertheless, Hayes does not expect the 2025 altcoin season to match the scale of the one experienced in 2021. During that period, the prices of major altcoins surged rapidly, with some realizing over 100x gains.

儘管如此，海耶斯並不預計2025 Altcoin季節與2021年經歷的規模相匹配。在此期間，主要Altcoins的價格迅速飆升，有些人意識到超過100倍的增長。

He speculates that a new narrative could emerge to captivate investor interest this time, possibly leading to significant spikes. Hayes also suggested that many of the older “dinosaur” tokens, especially those with high fully diluted valuations (FDVs), limited circulating supply, and minimal demand, are unlikely to recover in the upcoming altcoin season.

他推測，這次可能會出現一個新的敘述，以吸引投資者的興趣，這可能導致了巨大的興奮。海斯還建議，許多較舊的“恐龍”代幣，尤其是那些具有高稀釋估值（FDV），有限的循環供應和最少需求的代幣，在即將到來的AltCoin季節中不太可能恢復。

Predictions for Bitcoin, Solana, and Ethereum

對比特幣，索拉納和以太坊的預測

Furthermore, Hayes shared his predictions for Bitcoin’s price trajectory in the coming months and years. According to him, Bitcoin will reach an all-time high of $250,000 by the end of the year, likely after altcoin season.

此外，海斯分享了他對未來幾個月和幾年比特幣價格軌蹟的預測。據他說，到今年年底，比特幣將達到25萬美元的歷史最高點，可能是在Altcoin賽季之後的。

Moreover, the crypto entrepreneur anticipates Bitcoin to continue its rally and eventually hit an ambitious mark of $1 million toward the end of Trump’s presidency in 2028. He made a similar prediction for Bitcoin in his most recent Substack post.

此外，這位加密企業家預計比特幣將繼續進行集會，並最終在2028年特朗普總統任期結束時達到了100萬美元的雄心勃勃的成績。他在最近的替代帖子中對比特幣做出了類似的預測。

He attributes this projected surge to several factors, including a shift of capital from traditional assets into hard assets like Bitcoin.

他將這種預計的激增歸因於幾個因素，包括將資本從傳統資產轉移到像比特幣這樣的硬資產。

Ethereum to Outperform Solana

以太坊要優於solana

Finally, he also chimed in on the debate about which altcoin, Ethereum or Solana, would outperform the other. According to Hayes, Ethereum will outpace Solana over the next 18 to 24 months.

最後，他還討論了關於哪種Altcoin，以太坊或Solana的辯論，將勝過對方。根據海斯的說法，以太坊將在接下來的18到24個月內超過Solana。

He made this assertion despite acknowledging that Solana has outperformed Ethereum since 2020, with its price increasing from $7 to $265. Notably, Solana has already surpassed its 2021 peak this year while Ethereum is still lagging behind. Despite this, Hayes believes that Ethereum is the better investment.

儘管承認索拉納（Solana）自2020年以來的表現優於以太坊，但其價格從7美元增加到265美元，他還是做出了這一斷言。值得注意的是，索拉納（Solana）今年已經超過了2021年的峰值，而以太坊仍落後。儘管如此，海斯認為以太坊是更好的投資。

According to Hayes, despite being disliked by some, Ethereum still leads in terms of total value locked (TVL), developer activity, and security, making it the most robust proof-of-stake blockchain.

根據海斯的說法，儘管有些人不喜歡，但以太坊仍然以總價值鎖定（TVL），開發人員活動和安全性領先，使其成為最強大的銷售證明區塊鏈。