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Arthur Hayes Professes Love for ‘Archangel Vitalik’ by Buying ETH and Selling SOL

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Arthur Hayes, the founder of the renowned crypto exchange BitMEX, has sold off his holdings in Solana (SOL) and redirected his investment towards Ethereum (ETH).

According to Hayes, this strategic shift stemmed from an enlightening meditation session that prompted him to reassess his portfolio, favoring Ethereum over Solana.

Arthur Hayes Predicts Ethereum to Reach $5,000

Hayes holds a positive outlook on Ethereum, partly influenced by his admiration for the project’s co-founder, Vitalik Buterin. He believes the price of ETH could reach $5,000

Hayes, known for his keen insights into the crypto world, has been a vocal supporter of Ethereum, especially after its successful transition to a proof-of-stake model.

He believes the market has not yet fully appreciated the significance of Ethereum’s successful transition. According to him, this change positions Ethereum to support a new ecosystem of innovative businesses and protocols.

Regarding Solana (SOL), Hayes has previously speculated that its price could hit near $100 during a bullish period for altcoins. This prediction came at a time when both Ether and Solana were experiencing significant rallies, with the latter reaching fresh 19-month highs.

However, his recent decision indicates a change in perspective, possibly acknowledging the market’s unpredictable nature and the need for strategic flexibility.

Ethereum’s December Rally

The recent performance of Ethereum appears to support Hayes’ optimistic outlook. At the start of December 2023, ETH had experienced a significant surge in value, surpassing $2,100.

A significant factor fueling this upswing is the heightened anticipation surrounding the U.S. Securities and Exchange Commission’s (SEC) consideration of a spot Ethereum Exchange-Traded Fund (ETF).

This development has brought a wave of bullish sentiment to the Ethereum market as investors speculate on the potential impact of such an ETF on the cryptocurrency’s value and accessibility.

Ethereum’s performance in November was also noteworthy, outperforming Bitcoin with a 13% surge compared to BTC’s 8% rise during the same period. This growth was primarily driven by BlackRock’s official filing for a spot Ethereum ETF.

According to the latest data from CoinGecko, Ethereum is currently trading at $2,275.86, with a trading volume of $19,804,097,775.35 in the past 24 hours. This price represents a 2.84% increase in the last 24 hours and a 14.45% rise over the previous 30 days.

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