BitMEX’s Arthur Hayes drops Solana (SOL) in favour of Ethereum (ETH)

Co-founder of BitMEX Arthur Hayes has changed his investment approach, switching from Solana (SOL) to Ethereum (ETH). Hayes claimed to have received a “divine message” during meditation, which was the reason behind the surprise choice that was revealed on the X platform. The comment seems to be made in jest but highlights his belief in the future of Ethereum. 

He also made a bold prediction that Ethereum’s price would reach $5,000 in addition to this flip.

Hayes decided to raise his Ethereum investment and withdraw from Solana despite the company’s recent successes, which included hitting goals and rising nearly to $100.

Given Solana’s current stellar performance in the market, this announcement generated a stir among the cryptocurrency world, particularly among advocates of Solana.

Thus far, Ethereum’s price has increased by 2.73% to $2,276.78, and its 24-hour trading volume has been rather significant.

Conversely, Solana exhibited strong performance, showcasing a notable increase in trading volume and a 15% spike to $96.

There have been conflicting responses in the cryptocurrency community to Hayes’s move in light of Solana’s rising popularity. Some people are perplexed by the sudden change, while others believe Ethereum has room to expand in the market.

Ethereum’s recent performance seems to confirm Hayes’ positive assessment. ETH’s value had risen sharply by the beginning of December 2023, breaking $2,100.

The increased expectation that the U.S. Securities and Exchange Commission (SEC) may examine a spot Ethereum Exchange-Traded Fund (ETF) is a major driving force behind this upsurge.

As a result of this development, investors are becoming more optimistic about Ethereum as they make assumptions about how an ETF of this kind may affect the price and accessibility of the cryptocurrency.

Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

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