Former BitMEX CEO Names Eight Hot Altcoins To Watch Out For

The former CEO of crypto derivatives exchange BitMEX has outlined the altcoins he will be turning his attention to ahead of the coming bull run.

Former BitMEX CEO Arthur Hayes is considered an influential figure in the cryptocurrency scene, given his adventures in the industry’s early years and his wealth accumulation from accurate calls on key projects.

Going into another potential bull market, Hayes has outlined the altcoins he will be adding to his portfolio to achieve maximum returns.

In his latest blog post, the BitMEX founder set a backdrop for his altcoin picks by highlighting how crypto projects form strong narratives. According to Hayes, the most successful projects combine an appealing story and strong tech.

However, he argues that the tech does not matter as much as the story. He next revealed seven key stories and the altcoins he will be banking on to succeed if the narratives take off in the upcoming bull run.

BitMEX’s Hayes Eight Altcoin Plays

According to Arthur Hayes, one story that will most likely be driven in the next few months is that retail derivatives trading volume would shift from centralized exchanges to decentralized ones.

While he does not necessarily believe this, Arthur Hayes believes the story will be strong enough that it gains traction. Therefore, he is investing in leading derivative DEXes, dYdX, GMX, and any other project that challenges the incumbents.

Still on retail volume moving to DEXes, the former BitMEX CEO picked Krav as an altcoin that will grow significantly as the platform will make it possible for users to enjoy quanto derivatives trading volume powered by low-cap cryptocurrencies (or so-called shitcoins).

Another coin that comes into the DEX conversation is Elixir, which Arthur Hayes speculates will disrupt the market. The project could potentially take on the role of market makers on decentralized exchanges by being the primary source of on-chain liquidity.

The last altcoin play named by Arthus Hayes for the DEX sector is Flare, a project that provides on-chain oracles. Hayes notes that as “DEXs become the primary venue for price discovery,” on-chain oracles will become more important for their role in liquidation and settlements.

The last three projects on the BitMEX founder’s list are Pendle, Ethena, and Axelar. Hayes tips Pendle to capture interest by powering interest rate swap trading on-chain, while Ethena will dominate the stablecoin narrative by delivering a stablecoin that does not rely on traditional finance (TradFi).

Lastly, Axelar will make cross-chain bridging seamless by letting users move assets across networks in a manner different from the current bridges in the crypto space.

It is noteworthy that while the former BitMEX CEO is picking potential winners in the altcoin market, he has recently been dunking on other more popular altcoins such as Cardano (ADA).

In a recent exchange, Hayes described Cardano as lacking utility, and outlined that none of the leading decentralized applications (dApps) in the crypto space were originally built on the network.

Meanwhile, Hayes remains bullish on Bitcoin and Ether hitting higher prices off the back of ETF launches. However, he looks to shift his focus to altcoins, and will provide further insights into his favorite plays as the cryptocurrency bull run takes shape.

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