BitMEX’s founder Arthur Hayes believes that altcoins will finally benefit once Bitcoin (BTC), breaks through a price range.
Hayes says in a recent interview with Crypto Banter that the Bitcoin market will continue to dominate for quite some time.
Hayes believes that once BTC reaches a level of $100,000 again, it is likely to start to rise, and riskier assets like crypto will begin shining.
We accelerated after Powell’s recent press conference, where he announced a reduction in QT (quantitative Tightening), and teased a sort of QE (quantitative Easing).
Most of what we are buying is Bitcoin, I think that the percentage of bitcoin in the entire cryptocurrency market will continue to rise. At some point, let’s say Bitcion’s at $110,000 or $120,000, then altcoins will start to get hot, and we’ll rotate out of it into things that really like. We’re mostly buying Bitcoin. I believe that Bitcoin dominance, which is the percent of Bitcoin that makes up the entire cryptocurrency market, continues to increase. At some point, say Bitcion is at $110,000, $120,000, or another level, altcoins may start to catch fire. And we will rotate into things we like .”
Hayes is looking to see Ethereum (ETH), the most popular altcoin, outperform Solana(SOL) in this space.
I hold a large amount of Ethereum. At some point the Ethereum hatred will change. The most disliked assets are usually the highest-performing in the following cycle, while the least-loved ones tend to be the lowest-performing.
This is just mean-reversion. It doesn’t mean one of them is superior to the other. If I were to invest a new dollar today, I would buy ETH over Solana simply because ETH has more negative sentiment than Solana.
The memecoin trend is over, although I don’t think it will ever go away. I believe memecoins will be around for many years to come. Retailers lost money and won’t be selling as much on Pump.fun or creating transactions fees for Solana.
“I think the narrative that Solana is the memecoin’s L1, will hurt its ability really to outpace the other L1’s in the Cycle.”
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This article Altcoins will ‘Get to Fire’ once Bitcoin hits this price level, according to BitMEX founder Arthur Hayes first appeared on The ICD.
