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BitMEX founder Arthur Hayes predicts a parabolic rally for altcoins, depending on the top two crypto assets by market cap.
Hayes said in a new blog post that if Bitcoin (BTC) and Ethereum (ETH) continue their upward trend, altcoins will surge aggressively.
“If Bitcoin and Ethereum continue to strengthen, there will definitely be a shitcoin vertical that goes bananas over the next few months…
“The key to shitcoining is understanding that they go up and down in waves. First, a rally in crypto reserve assets — namely, Bitcoin and Ethereum. This rally in favor eventually stalled, and then the price dropped a bit. At the same time, the shitcoin complex is rallying aggressively. Then shitcoins rediscovered gravity, and interest shifted back to Bitcoin and Ethereum.
And this process of climbing the ladder continues until the secular bull market ends.”
Hayes said that despite losing Bitcoin’s 2022 low, he is now investing in the potential for the next upside, which he believes will be triggered by increased market liquidity.
“In that same vein, part of my portfolio missed the early rounds of Bitcoin’s recent rally — which was also driven by expectations of impending monetary easing — but that doesn’t mean I have to be stubborn and refuse to participate in the next chapter. rally, which will be driven by outflows from Reverse Repo Agreements and TGA spending [U.S. Treasury General Account].”
Bitcoin is trading for $23,135 at the time of writing, up around 50% from its 2022 low of around $15,500.
Ethereum is worth $1,673 at the time of writing, up almost 70% since its 2022 low of around $995.
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Disclaimer: Opinions expressed in The Daily Hodl are not investment advice. Investors should exercise due diligence before making high-risk investments in Bitcoins, cryptocurrencies or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrency or digital asset, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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