Whereas the cryptocurrency market is at the moment experiencing new twists and turns, the destiny of altcoins continues to be unknown. According to BitMEX founder Arthur Hayes, the highest two crypto property by market cap will decide whether or not or not altcoins will see a parabolic rally. In a current weblog publish, he mentioned that cryptocurrencies will expertise a pointy enhance if Bitcoin (BTC) and Ethereum (ETH) preserve their present tendencies.
He wrote, “If Bitcoin and Ethereum proceed to rally, there will certainly be a shitcoin vertical that goes bananas over the following few months. First the crypto reserve property rally — that’s, Bitcoin and Ethereum. The rally in these stalwarts finally stalls, after which costs fall barely. On the identical time, the shitcoin complicated levels an aggressive rally. Then shitcoins rediscover gravity, and curiosity shifts again to Bitcoin and Ethereum.”
In keeping with Hayes, though he missed the chance to put money into Bitcoin throughout its low in 2022, he’s at the moment allocating a portion of his portfolio in the direction of the cryptocurrency, anticipating a future worth enhance as a consequence of rising market liquidity. He talked about that part of his investments didn’t take part within the current rally of Bitcoin, which was fueled by the anticipation of additional financial easing.
Nonetheless, he mentioned that it doesn’t imply he ought to refuse to take part within the subsequent a part of the rally, which shall be pushed 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’s the most important holder of LOOKS tokens, holding over 17 million of them (value $5.14 million). The neighborhood has taken discover of Hayes’ intriguing token holding.
The native, fungible token of the community-focused LooksRare protocol, an NFT market that actively compensates producers and merchants for participation, is LOOKS. The staking of LOOKS tokens generates all the platform buying and selling charges for LooksRare.
