Arthur Hayes, co-founder of crypto exchange BitMEX, has predicted the arrival of another “alt season”, during which investors will be shifting their capital towards altcoins, while Bitcoin will experience an outflow of funds.
The decrease in the Bitcoin dominance index is seen as a sign of the impending trend change.
Ethereum and Dogecoin have been performing particularly well recently, although Bitcoin is still hovering above $30,000.
Hayes believes that BTC will dip briefly below this threshold in the upcoming days. He has said that BNB and DOGE are on the rise, and expressed a bullish outlook for ETH in the medium-term.
Ethereum has been bolstered by the April fork, and there is no indication that those who have gained access to the tokens previously blocked since 2020 will be selling them.