TLDR
- Hyperliquid’s HYPE surged 400% since April 2023.
- Zcash projected to reach $10,000 by 2026.
- Hyperliquid generated $106 million revenue in August 2025.
Arthur Hayes, Co-founder of BitMEX, has declared that the altcoin season is ongoing, contrary to common beliefs. He made this statement during a recent podcast, where he highlighted the gains of selective assets such as Hyperliquid (HYPE), Solana (SOL), Zcash (ZEC), and Pendle.
Hayes’ comments come at a time when many traders are missing out by sticking to outdated patterns. In his words, “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.”
Notable Altcoin Performers This Season
Arthur Hayes mentioned several altcoins that have performed particularly well. Among these, Hyperliquid’s HYPE token has reportedly surged from dollars to tens, while Solana is nearing its all-time highs. Zcash is undergoing privacy upgrades, and Hayes projects it could reach $10,000 by 2026.
Pendle is another notable performer, focusing on yield tokenization. In addition, Hyperliquid generated $106 million in revenue in August 2025, capturing 70% of the DeFi perps market share. HYPE has increased by 400% since April.
Impact on the Broader Cryptocurrency Market
The ongoing altcoin season highlights the evolving dynamics within the cryptocurrency market. This phenomenon suggests a shift in focus among investors from large-cap tokens like Bitcoin and Ethereum to more specific altcoin opportunities based on fundamentals.
Market experts have noted that this altcoin season is more selective and rotational. While previous altcoin seasons followed Bitcoin’s peaks, current trends appear to be sector-specific, driven by themes such as DeFi, privacy, and yield tokenization.
Arthur Hayes’ Perspective and Future Projections
Arthur Hayes emphasizes the necessity for traders to adapt to the ever-changing altcoin landscape. He mentioned, “This is a new season; new things pump.” Hayes criticizes the reliance on “last season’s template,” urging traders to focus on current trends.
Future projections indicate potential growth within these emerging sectors. Hyperliquid’s projected revenue increase and Zcash’s privacy upgrade ahead of the 2025 halving are examples of factors that could drive future altcoin performance.
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