Arthur Hayes, the former CEO of crypto derivatives exchange BitMEX, has stated that Ethereum’s recent price rise is a sign that altcoin season is coming.
CoinGecko data supports this view, as Bitcoin’s growth over the past day and week has been inferior to most coins in the top 10, excluding stablecoins. Ethereum’s price has seen an 11% increase over the week, whereas digital gold has only risen by 3.6%. This rise is likely due to the successful activation of the Shapella update, which has allowed Ethereum’s quotes to break through the $2,000 level for the first time since August 2022.
The withdrawal of 1 million ETH from the deposit contract over the next five days has not had a significant impact on price stability, as most of the rewards have been returned to staking, with total receipts equivalent to ~36% of withdrawals.
BNB’s exchange rate has also seen a 8.9% increase over the week, likely due to a 23rd quarterly token burn worth over $676 million.
