Arthur Hayes, co-founder of the BitMEX crypto exchange, announced the approach of another “alt season”. That is, investors will begin to redistribute their capital in favor of altcoins, while Bitcoin will face an outflow of funds.
The decrease in the BTC dominance index is one of the factors that signals an imminent trend change. At the end of last week, leading altcoins such as Ethereum and Dogecoin achieved good results.
Bitcoin is still above $30,000, but Hayes does not exclude that the leading digital currency will drop briefly below this psychological mark in the coming days.
Arthur Hayes put BNB and DOGE altcoins on a spurt, and also confirmed the bullish outlook for the medium-term prospects for ETH.
Ethereum successfully survived the April fork, and so far there are no signs that investors who have gained access to tokens blocked since 2020 will sell them. On the contrary, the accumulative strategy dominates, which reduces the pressure on Ethereum and allows it to stay above $2,000.
The BitMEX co-founder also points to the growth of Dogecoin. This cryptocurrency is gaining in value thanks to the support of Elon Musk.
According to Hayes, the Tesla CEO is helping DOGE strengthen its position by periodically provoking a burst of activity on social networks.
