Arthur Hayes Signals the Start of a New Altseason

Ethereum’s price rise in recent days signals the onset of an altseason, according to former BitMEX CEO Arthur Hayes.

Allow me to reintroduce myself. My name is ALTSZN!!! pic.twitter.com/yIzE7Zxpaw

— Arthur Hayes (@CryptoHayes) April 14, 2023

Data from CoinGecko corroborate Hayes’s view. Over the past 24 hours and seven days, Bitcoin has lagged the top-10 coins in momentum, aside from stablecoins.

In particular, Ethereum rose 11% over the past week, while digital gold — Bitcoin — rose only 3.6%.

Against the backdrop of the activation of the Shapella upgrade, the prices of the second-largest cryptocurrency breached the $2000 level for the first time since August 2022.

The withdrawal over the following five days of 1 million ETH from the deposit contract did not affect price resilience — most of the rewards accrued were returned tostaking, with inflows totaling roughly ~36% of withdrawals.

BNB rose 8.9% over the week. The driver was the 23rd quarterly burn of tokens worth over $676 million.

The catalyst for Dogecoin purchases (up 9.6% over seven days) was the change of Twitter’s logo to the coin’s symbol. After the blue bird’s return, the asset crashed, but retained most of its gains.

As of April 11, Bitcoin’s dominance index reached levels last seen in the summer of 2021.