Arthur Hayes, the founder of BitMEX and the crypto investment firm Maelstrom, predicts a surge in altcoin performance once Bitcoin surpasses a key price point.
Bitcoin’s Reign, Then Altcoin’s Rise
Hayes believes Bitcoin will continue its market dominance for a while. However, he anticipates a shift once Bitcoin climbs significantly above $100,000. He explains that at prices like $110,000 or $120,000, investors will likely start moving funds from Bitcoin into other cryptocurrencies, igniting the altcoin market. This shift is driven by his belief that increased investment capital will fuel this move.
Ethereum vs. Solana: Hayes’s Pick
When it comes to altcoins, Hayes favors Ethereum (ETH) over Solana (SOL). He thinks the current negative sentiment surrounding Ethereum will eventually reverse, leading to strong performance. He points out that often, the most disliked asset becomes the best performer in the next market cycle. He prefers ETH because of its currently negative sentiment, compared to Solana. He also notes that the memecoin craze, which boosted Solana, seems to be cooling down, potentially hindering Solana’s future growth. While he acknowledges memecoins are here to stay, he believes the hype is fading, impacting Solana’s potential to outperform other Layer-1 blockchains.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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