Altcoins on the Verge of a Parabolic Rally – A. Hayes
Arthur Hayes, the founder of BitMEX, foresees a rapid increase in the value of altcoins, dependent on the performance of the two largest cryptocurrencies in terms of market capitalization.
Arthur Hayes recently stated his belief in a potential rally for altcoins, which he believes will be influenced by the market performance of the two largest crypto assets by market cap, Bitcoin (BTC) and Ethereum (ETH).
In a recent blog post, Hayes noted that if the upward trend for Bitcoin and Ethereum continues, it could lead to an aggressive surge in the value of altcoins.
He explained that the movements of these crypto assets could be seen as a series of waves, with Bitcoin and Ethereum first experiencing a rally, followed by a slight decrease in prices, and then a surge in the value of altcoins.
This pattern will repeat until the end of the current secular bull market.
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Hayes also stated that despite missing the low point of Bitcoin in 2022, he is now investing in the possibility of a next leg up, which he believes will be driven by increased market liquidity.
At the time of writing, Bitcoin is valued at $23,135, a 50% increase from its 2022 low of around $15,500. Meanwhile, Ethereum is worth $1,673, representing a nearly 70% increase from its 2022 low of approximately $995.