TechFlow reports that on June 17, Arthur Hayes said in an interview with Bonnie Blockchain that most altcoins will struggle to rise, primarily due to their lack of product-market fit and failure to return protocol revenue to users. He pointed out that the current market is flooded with VC-backed coins featuring high valuations but low circulation—projects that raised substantial funds yet failed to attract users willing to pay for their services. Once prices drop, it becomes difficult for them to regain market favor. Hayes believes only projects with genuine product-market fit—those capable of attracting user spending and returning protocol revenues to users—have promising prospects. Meanwhile, he predicts that altcoins may see a new upward cycle when Bitcoin's market dominance reaches 65%.
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