While the cryptocurrency market is currently experiencing new twists and turns, the fate of altcoins is still unknown. According to BitMEX founder Arthur Hayes, the top two crypto assets by market cap will determine whether or not altcoins will see a parabolic rally. In a recent blog post, he said that cryptocurrencies will experience a sharp increase if Bitcoin (BTC) and Ethereum (ETH) maintain their current trends.
He wrote, “If Bitcoin and Ethereum continue to rally, there will definitely be a shitcoin vertical that goes bananas over the next few months. First the crypto reserve assets rally — that is, Bitcoin and Ethereum. The rally in these stalwarts eventually stalls, and then prices fall slightly. At the same time, the shitcoin complex stages an aggressive rally. Then shitcoins rediscover gravity, and interest shifts back to Bitcoin and Ethereum.”
According to Hayes, even though he missed the opportunity to invest in Bitcoin during its low in 2022, he is currently allocating a portion of his portfolio towards the cryptocurrency, expecting a future price increase due to increasing market liquidity. He mentioned that a part of his investments did not participate in the recent rally of Bitcoin, which was fueled by the anticipation of further monetary easing.
However, he said that it doesn’t mean he should refuse to participate in the next part of the rally, which will be driven by the flows out of Reverse Repo Agreements and the spending of the TGA [U.S. Treasury General Account].
Earlier in a tweet, Hayes claimed that he is the largest holder of LOOKS tokens, holding over 17 million of them (worth $5.14 million). The community has taken notice of Hayes’ intriguing token holding.
The native, fungible token of the community-focused LooksRare protocol, an NFT marketplace that actively compensates producers and traders for participation, is LOOKS. The staking of LOOKS tokens generates all of the platform trading fees for LooksRare.
The post appeared first on Coinpedia
