BitMEX co-founder Arthur Hayes, for example, recently sold out from SOL, which has recently surged, while doubling his exit from Ethereum (ETH) at the same time.
But Hayes also posted on X (formerly Twitter) to expound his newfound interest in welcoming Ethereum creator Vitalik Buterin. This revelation came as a result of the remarkable surge in SOL’s value.
Hey, guys! I need to get something off my chest. Something unbelievable happened during my meditation session. I had a divine revelation, a message directly from the Almighty. It was crystal clear and instructed me to let go of any attachment to that Sam coin piece of nonsense. Instead, the heavens guided me to declare my affection for none other than the incredible Archangel Vitalik. So, without hesitation, I swiftly sold off my holdings in $SOL and reinvested that sum into purchasing more of the remarkable $ETH.
In a surprising revelation, he envisaged the leading altcoin’s price skyrocketing to $5,000, an astonishing surge of over 100% compared to its current value of $2,285. Numerous netizens expressed astonishment towards his forecasts on various social media platforms, arguing that although Ether’s price might experience a significant surge, it was highly unlikely to reach such exorbitant heights within a few months.
Some expressed their viewpoint that the next stage for a bullish rise in prices should amount to $2,400, given the increasing influx of institutional investors into the market.
In the world of cryptocurrencies, Ethereum has experienced a remarkably positive trajectory this year. So far, it has surged by an impressive 93%, countering the significant 55% drop it suffered in the previous year, which was largely influenced by institutional investors who had a pessimistic outlook due to broader macroeconomic circumstances.
Institutional investors remain bullish on ETH
During the first and second quarters of 2023, there was a significant influx of institutional investments in Bitcoin (BTC) due to the emergence of spot ETC applications. However, Ethereum experienced a lackluster performance and struggled throughout the third quarter, despite the anticipation surrounding the introduction of futures ETF.
Investors have witnessed a notable trend wherein institutional funds have been flowing into Bitcoin at a sluggish pace. In contrast, ETH products experienced capital outflows despite market indicators pointing towards a positive direction for the asset. This divergence occurred even as Bitcoin registered significant institutional inflows and achieved consecutive weeks of growth.
The total amount of money flowing into Bitcoin funds equals $1.6 billion, whereas Ethereum has received over $10 million, and even though Ethereum’s growth rate has been slow in the fourth quarter, it hasn’t had any negative impact on the belief of wealth management firms in this digital asset.
Despite slower growth in recent months, Ethereum continues to receive strong support from wealthy managers, as revealed by a recent survey that focused on forecasting the future of crypto assets.
They claim that the altcoin is currently enjoying the favour of the majority of market indices. Its sluggish revival can be attributed to the bear market, during which it suffered a significant decline of more than 55% in value. Moreover, they highlighted that staking on three different platforms is deemed a promising storyline that will attract more investments in the forthcoming months.
Solana marches on
This year, Solana has gained popularity among institutions, receiving continuous weekly investments into its fund. Over the past 24 hours, SOL has surged by more than 8%, surpassing Ripple (XRP) in terms of market capitalization.
Before slipping into 5th place, the asset briefly held the top spot against BNB. It experienced a remarkable 17% surge in the last week and an astonishing 67% expansion over the previous month.
Despite its significant network and community engagement, the asset referred to as the ETH killer remains considerably distant from Ethereum, with a price of $91.7.
Frequently Asked Questions:
What caused BitMEX co-founder Arthur Hayes to opt for selling Solana (SOL) in exchange for purchasing additional Ethereum (ETH)?
Arthur Hayes referred to the inspiration he received to back Ethereum in light of the escalating value of Solana. In a light-hearted manner, he quipped about receiving a meditative message advising him to discard that Sam coin proof-of-stake (referring to SOL) and demonstrate his allegiance towards Ethereum.
Regarding Ethereum (ETH), what is the price forecast outlined by Arthur Hayes?
Hayes foresees the Ethereum price skyrocketing to $5,000, indicating an outstanding surge of more than 100% compared to its present worth of $2,285.
Inquiring about social media users’ response to Arthur Hayes’ Ethereum price forecast?
Hayes’ predictions have sparked surprise among users on social media, who have expressed doubt regarding the possibility of Ethereum reaching $5,000 soon. Views differ greatly, with certain individuals proposing a bullish price movement that may target $2,400 in the foreseeable future.
How have Ethereum (ETH) and Solana (SOL) been faring in the market as of late?
Over the year, Ethereum has had a remarkable performance, witnessing a notable surge of 93% in its value. Meanwhile, Solana, which has gained quite a reputation among institutional investors, continues to receive consistent weekly inflows into its investment fund. In the past 24 hours alone, SOL has shown significant growth, rising by more than 8%.
How have institutional investors’ perceptions of Ethereum been evolving?
During the initial and subsequent quarters of 2023, Ethereum experienced a sluggish influx of institutional investments compared to Bitcoin, regardless of the overwhelming excitement generated by the futures ETF. Nevertheless, recent surveys shed light on wealth management firms continuing to exhibit high optimism towards Ethereum. They attribute its gradual recuperation to the prevailing bear market conditions while simultaneously foreseeing a surge of favourable momentum in the forthcoming months.
About other assets, how has Solana’s market capitalization and growth fared?
In the past 24 hours, Solana has been even more outstanding, continuing to rise over 8 %. What is particularly impressive is that it has already overtaken Ripple (XRP) in market cap. Although frequently referred to as an Ethereum killer, Solana itself is still a far cry from Ethereum in terms of price. However, it continues to showcase considerable network and community engagement.
Ethereum’s sluggish development can be attributed to a multitude of influences, so what do wealth managers think about its future potential?
The decline in Ethereum’s value, which has been predominantly linked to the bear market, has led to a decrease of more than 55% in its overall worth. Nevertheless, despite this setback, wealth managers maintain a positive outlook on Ethereum’s prospects, pointing towards encouraging market indicators and the possibility of increased investments in the upcoming months.
Their optimism primarily stems from the introduction of staking on multiple platforms, which has the potential to attract significant capital flows towards Ethereum.
Credit: https://dailyhodl.com/wp-content/uploads/2022/09/Zone-for-Bitcoin-Bulls.jpg
