According to BitMEX co-founder Arthur Hayes, the altcoin season, a period when alternative coins perform better than Bitcoin and reduce its dominance in the cryptocurrency market, has already begun. Ethereum’s native token, Ether, along with Arbitrum and Dogecoin, have seen significant gains in the last 24 hours, while Bitcoin has remained relatively stable in the $30-31k range.
The Alt Season has arrived
In a recent tweet, Hayes shared a price chart of Ether (ETH), showing its price surged above $2,100 in the last few hours.
Allow me to reintroduce myself. My name is ALTSZN!!! pic.twitter.com/yIzE7Zxpaw
— Arthur Hayes (@CryptoHayes) April 14, 2023
The successful Shapella upgrade of Ethereum’s native token is thought to be the reason for its impressive performance. This update enabled validators to withdraw staked ETH, leading to concerns about a drop in price due to a large amount of tokens being unlocked. However, security measures prevented massive unlocking, resulting in the token’s value moving in the opposite direction and surpassing $2,100 for the first time in almost a year. Other cryptocurrencies, such as BNB and DOGE, have also seen a rise in value in the past several hours.
Dogecoin’s price rose to $0.10 after Elon Musk changed Twitter’s logo to the DOGE icon on April 3 but declined to $0.08 in the following days. Its price rose again earlier this week after Twitter partnered with fintech company eToro, and many people believe DOGE will be among the first tokens introduced to the platform. Bitcoin’s dominance in the market has also decreased in recent days.
BTC’s Dominance Reduces
Bitcoin’s dominance in the market has fallen from 47.5% to 46.4% in just two days, with a current market capitalization of almost $600 billion, indicating that the altcoin season has arrived. On the other hand, ETH has increased its share from 18.4% to 19.8% as of the moment of writing these lines.