Arthur Hayes says market cycles favor new winners, not familiar names
As traders continue debating when the next altcoin season will begin, a different perspective is gaining traction. According to crypto entrepreneur Arthur Hayes, the altcoin cycle never disappeared investors simply failed to identify the assets that outperformed.
Hayes argues that altcoin rallies are always happening, but capital does not rotate evenly across the market. Instead of broad-based surges, recent cycles have rewarded specific narratives, platforms, and use cases, leaving many traders behind if they relied on outdated playbooks.
He noted that many participants expected a repeat of previous cycles, assuming the same tokens and themes would rally again. That mindset, he said, caused traders to miss opportunities emerging from newer ecosystems and evolving market structures.
According to Hayes, successful altcoin performance now depends on adapting to what is new, not what worked before. He highlighted projects that launched at low valuations and experienced sharp appreciation, emphasizing that timing and narrative alignment mattered more than market-wide momentum.
Assets that recovered strongly after deep drawdowns also served as examples of how capital can rotate unexpectedly when sentiment and liquidity align.
Not all analysts agree with this view. Some market observers believe future altcoin strength will concentrate around assets tied to institutional adoption and regulated investment products, potentially limiting gains for smaller tokens.
The debate highlights a shift in crypto market dynamics. Rather than waiting for a clear signal of an altcoin season, traders may need to recognize that selective altcoin cycles are already in motion — and success depends on identifying the right winners, not waiting for the crowd.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.