Arthur Hayes, the outspoken former CEO of BitMEX and current head of family office Maelstrom, has set the crypto world abuzz with his latest prediction: a fresh altcoin season is on the horizon, but it won’t be a copy-paste of 2021’s explosive rally. This time, Hayes says, only the strongest and most fundamentally sound projects will thrive—and Ethereum is poised to steal the spotlight from Solana.
In a recent interview with Fortune, Hayes emphasized that the upcoming altcoin cycle won’t be a free-for-all where “every coin goes 100x.” Instead, the rally will be selective, focused, and driven by narrative and fundamentals—not hype.
“I don’t think it’ll be like that in 2021,” Hayes said. “Old dino coins in your portfolio that aren’t moving probably aren’t moving for a reason.”
According to Hayes, many of the tokens from previous cycles have been left behind for a reason. Projects with inflated fully diluted valuations (FDVs), limited token float, little to no customer base, and negligible revenue models are unlikely to stage a comeback. The crypto landscape has matured, and investors are becoming more discerning.
Ethereum vs. Solana: Hayes Picks His Favorite
When asked to weigh in on the Ethereum vs. Solana debate—a hot topic in the crypto community—Hayes didn’t hesitate. While he acknowledged Solana’s impressive rally from $7 to over $170, he made it clear that his preference for the next cycle lies with Ethereum.
Hayes believes Ethereum has been unfairly criticized for its performance, and many have written it off prematurely. However, he pointed out that Ethereum still leads in several critical metrics: total value locked (TVL), developer activity, and network security under its proof-of-stake mechanism.
“If I’m going to deploy fresh fiat capital into the system, I think Ethereum could outperform Solana in this next 18-24 month bull run,” Hayes stated.
Ethereum co-founder Vitalik Buterin has also been working on enhancing the network’s scalability without compromising decentralization. Initiatives like EIP-4444, distributed history storage, and stateless verification—along with partially stateless nodes—signal a robust technical roadmap that could further solidify Ethereum’s position.
Bitcoin Still in the Driver’s Seat
Interestingly, Hayes doesn’t think the rise of altcoins will diminish Bitcoin’s role. In fact, he expects Bitcoin dominance to increase even as altcoins rally. He sees BTC pushing toward a staggering $250,000 price target—suggesting that both Bitcoin and quality altcoins could shine in the upcoming bull cycle.
This dual-market momentum echoes the sentiment of many seasoned traders: Bitcoin leads, and then the spotlight shifts to top-tier altcoins with strong narratives and developer backing.
Market Context: Calm Before the Surge?
The crypto market has cooled off somewhat after a strong run in April. Bitcoin dominance has begun to waver, and that’s caught the attention of altcoin bulls. Popular crypto analyst Captain Faibik has projected a potential decline in BTC dominance, hinting that an altcoin breakout may not be far off.
If this bearish divergence in Bitcoin dominance continues, it could set the stage for a fresh wave of capital flowing into altcoins—especially those with real-world use cases and strong ecosystems.
Final Thoughts
Hayes’ outlook reflects a broader shift in investor behavior: hype is no longer enough. In 2021, you could have thrown darts at a list of coins and come out ahead. In 2025, it’ll take more than that. Hayes’ emphasis on fundamentals, security, and developer momentum suggests a more mature market—one that rewards diligence and quality over sheer speculation.
So, while an altcoin season may be coming, don’t expect a repeat of the freewheeling days of the past. The next rally, if Hayes is right, will be driven by smarter bets—and Ethereum may just be leading the charge.
