Arthur Hayes Sees A Glorious Altseason Coming Soon As Ether Price Jumps Above $2.1K

Altseason On Full Swing: Tezos, Ethereum, XRP Sees Remarkable Upsurge

The price of Ethereum’s native token, ether, is on a roll following the successful roll-out of the long-awaited Shapella hard fork on Wednesday. Ether recaptured the $2,100 mark on Friday — a level not seen since May 2022— and subsequently reduced Bitcoin’s crypto market share.

BitMEX founder and former CEO Arthur Hayes declared that a so-called altcoin season is on the horizon.

Weakening Bitcoin Dominance 

Ethereum is leading the pack in the crypto markets, defying the popular adage “buy the rumor, sell the news”.

The price of the second-largest cryptocurrency by market cap is up 6.6% over the past day to trade hands at an eleven-month high of 2,127.24 at press time, according to CoinGecko data. 

The jump comes after Shapella, also called the Ethereum Shanghai upgrade, went live without a hitch on Wednesday evening. The technical upgrade opened the doors to withdrawing the funds previously staked by the network’s users and validators. Data from blockchain explorer etherscan shows that a total of  290,131 ETH has been withdrawn since Shanghai was deployed.


Shapella was basically the last leg in Ethereum’s shift from proof-of-work to a more energy-efficient proof-of-stake network. It was the network’s largest upgrade since last September’s Merge event.

More significant than ether’s rally is the fact that it has resulted in a slump in the Bitcoin dominance index. For those who are not aware, this particular index measures the market cap of BTC against the overall market capitalization of all crypto assets. Ether’s dominance rate has climbed to 19.8%, an over 1% gain, over the past 24 hours. Bitcoin’s dominance, on the other hand, had dropped by a little under 1% to 46.39%, according to data. A falling bitcoin dominance rate often strongly suggests an incoming altcoin season.

Preparing For An Altcoin Pump 

The successful execution of the Shapella upgrade essentially alleviated a slim but concerning risk that ethereum network participants might not be able to recover their tokens locked up in staking contracts over the past two years.

The 6.6 percent surge of ether post-Shapella has led other altcoins in the likes of XRP, Cardano, and Dogecoin to record relatively larger movements compared to bitcoin. 

With these developments, pundits on CT are forecasting an altcoin insurrection. For instance, the former CEO of BitMEX, Arthur Hayes, tweeted earlier today, “Allow me to reintroduce myself. My name is ALTSZN!!!”