We are living in active days in the world of Bitcoin and altcoins. Because there is a slight decrease in prices. On the other hand, there are those who approach the declines very differently. According to this, maybe there is bottom level fishing. Now one of the most experienced traders in the market believes that panic is not the right thing to do right now. Let’s look at the details together.
Bottom fishing approach from Hayes
Arthur Hayes is the former CEO of BitMEX and a well-known figure in the Bitcoin and altcoin world. He recently offered his views on the current market correction. Hayes is presenting his views amid growing concerns about Binance and the ensuing market downturn. He attributes the uneasiness of the market to the possibility of replenishment of the Treasury General Account (TGA) by the end of summer. Hayes’ statements point to a widespread theory among some investors that NPL fluctuations can affect liquidity and thus financial markets. According to Hayes, once this issue is resolved, the market will rebound thanks to the “massive printout of money saying I’m coming in the background”.
The market is down on some binance FUD. But regardless of the catalyst, risk mrkts r on edge cause of the TGA refill. By end of summer the mrkt will move past that and onto the lg amt of money printing humming along in the background. I have a few shitcoins to buy in the meantime pic.twitter.com/w52QABpgvJ
— Arthur Hayes (@CryptoHayes) June 6, 2023
So what’s his strategy at the moment? Hayes expressed his intention to use this period of market correction to buy “shitcoin,” a term used in the crypto community for a group of lesser-known or undervalued altcoins. Hayes’ strategy underlines an important principle in investing. It is to buy low and sell high. The current market correction may represent a buying opportunity for some investors who believe in the long-term prospects of cryptocurrencies. These assets are currently experiencing price drops. However, Hayes suggests that the inflow of money into the market will help the recovery.
Applying Hayes’ approach for 11 altcoins
While Hayes is making this emphasis, I can’t help but mention another analyst’s bullish emphasis for 11 altcoins. Thus, we will see which altcoin series stands out for a bottom hunt. Famous analyst Dan Gambardello tweeted about which altcoin group he expects to rise for. Accordingly, BTC, ETH, SOL, ADA, ATOM, SAND, FIL, MATIC, MANA, ALGO, AXS and COTI were listed by the trader.
Let’s take a brief look at the Bitcoin and altcoin group mentioned in Gambardello’s article. The two market leaders, BTC and ETH, their prices fell 3.87% and 2.90% respectively. Accordingly, Bitcoin is trading at $ 25,775.14 and altcoin ETH at $ 1,816.10. Meanwhile, we saw the prices of altcoin Ethereum killers SOL and ADA fall by 7.05% and 6.15%. cryptocoin.com When we look at it as a whole, metaverse tokens followed the same trend. AXS caused MANA and SAND to suffer 24-hour losses. In addition, the overall market cap of metaverse tokens fell more than 8% to $12,594,668,432. AXS is down 6.89% while MANA’s price is trading in the red at 11.08%. The price of SAND remained at $0.5234 after falling more than 13%. Finally, MATIC, FIL, ALGO and COTI dropped 6.09%, 7.70%, 8.66% and 8.37%, respectively.
