The post Arthur Hayes Reveals His Preferred Altcoin Instead of Ethereum: Warns Cryptocurrency Market About US Elections appeared on BitcoinEthereumNews.com.

In the latest episode of the Unchained podcast, BitMEX co-founder and prominent crypto figure Arthur Hayes expressed his bullish stance on Solana (SOL) as the US elections approach. Referring to Solana as a “high beta Bitcoin,” he said it has the potential to deliver more significant percentage gains than Bitcoin during market uptrends. Hayes noted that his preference for Solana over Ethereum (ETH) is due to its faster price movements and profitability as a network. Hayes noted that the US elections could boost interest in digital assets, but the impact would pale in comparison to the Fed’s expected decision on November 7. Regardless of the outcome of the election, the Fed’s stance on monetary policy will play a more significant role in shaping the crypto market, he said. Regardless of shifts in political power, regulatory conditions for cryptocurrencies are unlikely to change significantly in the short term, Hayes warned. Discussing recent crypto trends, Hayes highlighted Solana’s impressive performance since the FTX crash in late 2022. While Ethereum’s value has doubled since then, Solana has surged, making 20-30x gains from its low point of around $7. He attributed Solana’s growth to increased network profitability and a decrease in token unlocks, which has increased its appeal to investors. In contrast, Ethereum’s progress has been slower, according to Hayes, in part due to lower returns for validators and a narrative shift that has failed to capture the same excitement as Solana. Hayes urged a cautious approach for short-term investors during the election season, urging a focus on Bitcoin and other major cryptocurrencies like Solana, which offer liquidity advantages over smaller altcoins. “If you get it wrong in Bitcoin, you can get out with minimal losses, whereas in illiquid altcoins, you can see significant declines,” Hayes said. Hayes also noted that while altcoins generally…

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Filed under: News - @ November 3, 2024 11:17 am