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Arthur Hayes, co-founder of BitMEX, believes that the altcoin season—a period during which alternative cryptocurrencies outperform Bitcoin and reduce its market dominance—has already begun.
Assets such as Ether (ETH), Arbitrum (ARB), and Dogecoin (DOGE) have recorded substantial gains over the past 24 hours, while Bitcoin (BTC) has remained relatively stable in the $30,000–$31,000 range.
Altcoin Season Begins
In a recent tweet, Hayes shared a price chart of Ether (ETH), highlighting its surge above $2,100 in the preceding hours.
This strong performance by Ethereum’s native token may be attributed to the successful completion of the Shapella upgrade, one of the most significant developments since the Merge. The upgrade enabled validators to withdraw staked ETH, leading some to initially predict a price decline due to the potential release of large amounts of locked tokens.
However, security mechanisms prevented a massive unlock, and the token’s value moved in the opposite direction, surpassing $2,100 for the first time in nearly a year.
Other digital currencies, including BNB and DOGE, have also risen in recent hours. Binance’s native token climbed above $330, posting a gain of over 4% in the last seven days. The world’s largest crypto exchange announced its 23rd quarterly burn on April 14, removing more than $670 million worth of BNB from circulation.
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Dogecoin is another asset performing well. It spiked to $0.10 on April 3 after Elon Musk changed Twitter’s main logo to the DOGE icon, before declining to $0.08 in the following days.
The token rallied again earlier this week to $0.09 after Twitter partnered with fintech company eToro. The collaboration aims to allow users to access cryptocurrencies, stocks, and other financial assets, with many arguing that DOGE will be among the first tokens introduced.
Bitcoin Loses Market Dominance
Another factor supporting Hayes’ theory that altcoin season has arrived is Bitcoin’s declining market dominance over the past few days.
Although Bitcoin has reached a market capitalization of nearly $600 billion, it currently accounts for 46.4% of the total market, according to CoinMarketCap data. This is a decrease from 47.5% two days ago, prior to the Ethereum Shapella upgrade.
Conversely, Ethereum’s share has increased from 18.4% on April 12 to 19.8% at the time of writing.
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