Arthur Hayes, co-founder of BitMEX, predicts an explosive altcoin season is about to happen as Bitcoin breaks above 118,000 USD, with Ethereum nearing 3,000 USD.
He believes the rise of Bitcoin and Ethereum will lead to an explosion of other altcoins, based on positive signals from on-chain activity and increased stablecoin adoption from major banks.
MAIN CONTENT
Bitcoin surpasses 118,000 USD sets the stage for a strong altcoin season.
Ethereum has the potential to reach 10,000 USD thanks to corporate adoption and positive on-chain metrics.
Bank-issued stablecoins could provide liquidity of up to 6.8 trillion USD, boosting the cryptocurrency market.
What does Arthur Hayes predict when Bitcoin breaks through?
Arthur Hayes changes his perspective, becoming optimistic as Bitcoin surpasses ATH of 118,000 USD, paving the way for a strong altcoin rally. He was previously concerned about the plan to refill 850 billion USD into the U.S. Treasury General Account (TGA), but now views this as only a short-term challenge.
BTC breaks ATH with good trading volume, ETH closely follows and will excel — prepare for a massive altcoin season.
Arthur Hayes, co-founder of BitMEX, 15/06/2024
In-depth analysis shows that Bitcoin establishing a new peak triggers positive sentiment across the cryptocurrency market, creating a ripple effect to Ethereum and other altcoins. According to reports from Glassnode (2024), both trading volume and the number of active ETH wallets are rising sharply, supporting the view of sustainable price increases.
Is Ethereum really approaching the 10,000 USD mark?
From a technical perspective, Ethereum, with increased corporate adoption and positive on-chain metrics, is laying the groundwork for the potential to rise to 10,000 USD. Hayes emphasizes this theme based on the growing interest of institutions in investing in ETH.
Ethereum currently has strong growth momentum, the potential to surpass 10,000 USD is entirely feasible.
Arthur Hayes, assessing ETH June 2024
Consensys' year-end report for 2023 shows that over 70% of Blockchain projects are built on Ethereum, affirming ETH's leading position in the cryptocurrency ecosystem. Additionally, the purchasing power of ETH whales and the increase in staking activity also bolster the price increase.
The role of bank-issued stablecoins in providing liquidity
Stablecoins issued by major banks like JPMorgan, Bank of America,… could open up a liquidity source of 6.8 trillion USD for the market, according to Hayes' 'Quid Pro Stablecoin' narrative.
This is seen as a 'massive liquidity therapy' supporting cash flow for the cryptocurrency market, even though the plan to refill TGA could exert short-term pressure on liquidity.
The plan to integrate bank stablecoins into the cryptocurrency ecosystem promises to attract more institutional investors and increase liquidity, laying the groundwork for a long-term bull market trend.
When will the altcoin season arrive?
Currently, the Altcoin Season Index is at 30/100, not yet confirming a comprehensive explosion. However, Hayes still maintains the view of a strong price increase in the summer of 2024, predicting BTC and ETH will lead the spread to major altcoins like Solana, Cardano, Avalanche.
Gaining more strength, the Maelstrom Fund commits full investment, amid political fluctuations such as the potential return of Donald Trump to the political arena and new tariff policies expected to increase cryptocurrency liquidity.
Conclusion: A significant turning point for the cryptocurrency market
With extensive experience in the market and previous accurate forecasts, Arthur Hayes is a prominent voice in the industry. The combination of Bitcoin, Ethereum, along with the new liquidity source opens up opportunities for a notable price increase cycle for altcoins.
Frequently Asked Questions
How much has Bitcoin reached its record price?
Bitcoin has surpassed 118,000 USD, opening up a period of strong growth (Source: Arthur Hayes, 2024).Can Ethereum reach 10,000 USD this year?
According to Hayes and on-chain data, the possibility of Ethereum reaching 10,000 USD is very feasible due to corporate adoption and institutional cash flow.What is the role of bank stablecoins?
Bank stablecoins can provide liquidity of up to 6.8 trillion USD, helping to boost cash flow for the cryptocurrency market.What is the current status of the altcoin season?
The Altcoin Season Index is currently at 30/100, not confirming an explosion, but the opportunity for an altcoin season is still very large.What drives altcoins to rise according to Hayes?
The breakout of Bitcoin and Ethereum, along with stablecoin liquidity and global political factors, are the main driving forces.
Source: https://tintucbitcoin.com/altcoin-bung-no-khi-bitcoin-lap-ath/
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