While many cryptocurrency traders are patiently waiting for the next altcoin season to kick off, BitMEX co-founder Arthur Hayes believes that the altcoin season is actually ongoing.
“There is always an altcoin season. If you keep saying there is no altcoin season, then you simply do not own the coins that have increased in value,” Hayes shared in a podcast interview posted on YouTube on Thursday.
Arthur Hayes: The altcoin season has never ended
Arthur Hayes (on the right) spoke with Kyle Chasse (on the left) on his podcast on Thursday | Source: Kyle Chasse
According to Hayes, most traders still expect the altcoin season to repeat like in previous years, assuming that cryptocurrencies and old trends will continue to recur. “You hope it happens like the previous altcoin season, because that way you feel you know what to do,” he remarked.
Hayes recommends that traders be flexible and not overly reliant on the past. “Many people think: ‘I have to buy these coins because they surged in the last season,’” he added.
He emphasized that cryptocurrency investors need to change their mindset, focusing on new market trends rather than just relying on history. “This is a new season, and new coins will grow,” he asserted.
Arthur Hayes cited Hyperliquid (HYPE) as an example, claiming it is the “most outstanding success story” in the current cryptocurrency cycle, as this coin launched at just “two or three dollars” and then “soared to 60 dollars.”
He also mentioned Solana (SOL), which dropped sharply in 2022 to around “seven dollars,” but has impressively recovered to nearly 300 dollars earlier this year.
The altcoin season has already started. It's just that you are not participating in it,” he concluded.
However, not everyone agrees with Hayes' views. CEO of CoinQuant, Maen Ftoui, recently shared that long-established cryptocurrencies, which have an ETF or are expected to have an ETF, will attract most of the capital flow in the next altcoin season.
The cryptocurrency industry is still debating the appearance of the next altcoin season.
Many experts in this field have differing views on how and when the new altcoin season will start.
Some traders are still waiting for the traditional rotation cycle, starting when Bitcoin (BTC) hits a new peak, after which the capital will shift to Ether (ETH) and finally to smaller altcoins.
Meanwhile, analysts at Bitfinex noted in August that altcoins are unlikely to see a strong broad price increase until ETF funds expand their reach beyond the largest approved coins.