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April 21, 2024
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Bitmex Founder Says Altcoins Will Rally Soon. Here’s What His Portfolio Looks Like

The post Bitmex Founder Says Altcoins Will Rally Soon. Here’s What His Portfolio Looks Like appeared first on Coinpedia Fintech News

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.”

Hayes also said that despite missing Bitcoin’s 2022 low, he is currently investing in anticipation of a future upl eg that will, in his opinion, be brought about by increasing market liquidity. He added that part of his portfolio missed the early innings of this recent rally in Bitcoin, which was also driven by expectations of forthcoming 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.

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