While many cryptocurrency traders are anticipating the emergence of the next altcoin season, Arthur Hayes, the co-founder of BitMEX, argues that such a season has been ongoing. He emphasized, “There is always an altcoin season happening… and if you’re always saying altcoin season isn’t there, it’s because you didn’t own what went up.” This remark was made during a podcast that was shared on YouTube last Thursday.

Hayes pointed out that many traders hold expectations of an altcoin season that mirrors the pattern of previous years and assume the same cryptocurrencies will be successful again. He stated, “You wanted it to be like the last altcoin season, because then you felt like you knew what you had to do.”

Hayes advises traders to adapt and not dwell on the past

To adapt to the current market, he suggested that traders should reconsider their methodology and focus on emerging trends, rather than adhering to old narratives. “This is a new season; new things pump,” he declared.

Highlighting the success of Hyperliquid (HYPE), which launched at around two or three dollars before reaching sixty bucks, he also mentioned Solana (SOL), which experienced a significant drop in value in 2022, only to rebound to nearly three hundred dollars at the start of the current year.

Hayes insisted, “There’s been an altcoin season. You just didn’t participate in it.”

Contrarily, differing opinions exist among industry players. For instance, CoinQuant’s CEO Maen Ftoui mentioned that older cryptocurrencies, especially those linked to pending exchange-traded funds (ETFs), will likely capture a substantial portion of the capital during the upcoming altcoin season.

The market’s perspective on the future of altcoins

There is ongoing debate among analysts regarding the structure and timing of the next altcoin season. Some traders are still hopeful for the traditional market cycle, with Bitcoin (BTC) reaching new heights before money flows into Ether (ETH) and subsequently into smaller altcoins. However, Bitfinex analysts noted in August that the potential for a broad rally in altcoins may linger until the approval of ETFs that give investors access beyond just the largest cryptocurrencies.