Arthur Hayes, co-founder and former CEO of the cryptocurrency exchange BitMEX, believes that altcoin season has begun. Altcoin season is a term for the period during which altcoins outperform bitcoin and reduce its dominance in the crypto market.
Cryptocurrencies such as ether, arbitrage, and dogecoin have recorded significant gains over the weekend, while bitcoin remains relatively stable in the range of $30,000 to $31,000.
In one of his latest tweets, crypto billionaire Hayes shared a chart of ether’s price showing a jump above $2,100.
The impressive performance of ethereum could be the result of the successful completion of the Shapella upgrade, one of the most significant events since the transition to proof-of-stake. This allowed validators to withdraw their staked ether, which initially led some to speculate that the price could fall, given the potential large amounts being unlocked.
However, security measures prevented such a massive unlocking, and the price moved in the opposite direction, surpassing $2,100 for the first time in a year.
