Famous Claimant: This Altcoin Will Do Better Than Bitcoin!

BitMEX co-founder Arthur Hayes touched on the levels of reinforcement that traders are watching in a flurry. He said that BTC investors who took a long position should be worried. The market analyst says that despite everything, an altcoin project will be a savior.

This altcoin will do better than BTC

In a new blog post, Hayes, who deserves to be “concerned” by Bitcoin bulls, stated that $ 17,500 is a critical level. This level, which the bulls should look forward to, is the base of the current bear market. The former BitMEX CEO says that the Bitcoin price will depend on the dollar liquidity index. This metric tracks the US dollar measure in the system through the size of the Fed’s balance sheet. According to Hayes:

While watching the fluctuations and impulses of the USD liquidity index, the Bitcoin level to worry about for a long time is $ 17,500. The most possible course of action is to retest this low. Whether it stays on the chart depends entirely on the course of the USD liquidity index.

Hayes underlined the news that will cause negative effects for Bitcoin. One of them is the tendency of the US Treasury to lend more to finance the government. Hayes further argues that the Fed’s commitment to shrink its balance sheet drains liquidity from the system.

Bitcoin (BTC) is trading at $19,114.40 at the time of writing. It has slowly recovered by 2.5% compared to the last 24 hours. Meanwhile, Ethereum (ETH) has outperformed BTC after its low performance in recent days. ETH is trading at $1,342.72, gaining around 4.5% compared to yesterday. Hayes says the leading altcoin will continue this trend.

Arthur Hayes says $10,000 is a tough prospect for Ethereum

Hayes later states that Ethereum will outperform Bitcoin. The crypto investor argues that if cash tightening continues in the US, Ethereum is unlikely to reach a price of at least $10,000 as he assumed earlier this year:

However, I have little faith in ETH’s ability to reach Five Falling Digits by the end of the year if the Fed and Treasury continue their plans to reduce USD liquidity. I am confident that the structural reduction in the supply of ETH will surely lead to a smoother performance against Bitcoin.

The circulating supply of Ethereum has dropped significantly since the merger. According to the data, the current ETH supply has only increased by 5,000 since September 15. Annual inflation rate is 0.19%. According to Hayes, the valuable thing about Ethereum is that it completes the transition to the PoS Blockchain. Due to being a greener cryptocurrency, ETH will perform better than Bitcoin, according to the expert. In the middle, Hayes predicts that the corporate interest in Etehreum will peak at the same time.

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