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BitMEX Founder Secures Profits from SOL, Shifts to Accumulate ETH, Forecasts $5,000

The cryptocurrency sphere continues its whirlwind, with Solana (SOL) surging to new heights, overshadowing Ripple (XRP) to claim the fifth spot in market capitalization. As SOL hit an impressive $99, marking its highest value in the past 20 months, the market cap soared to a staggering $33.7 billion.

SOL/USDT 1 day-chart on Binance | Source: TradingView

Notably, amidst Solana’s meteoric rise, Arthur Hayes, the BitMEX co-founder, made a swift move, capitalizing on the surge by shifting from SOL to Ethereum (ETH). Hayes, renowned for his market insights, foresees ETH potentially skyrocketing to $5,000 in the foreseeable future. Despite his recent focus on Ethereum, Hayes remains a staunch supporter of Bitcoin, projecting it to surpass $70,000 by 2024. Intriguingly, Hayes also turned attention to Pepe (PEPE), a meme-themed cryptocurrency launched on April 14 and listed on major exchanges like Binance.

However, Hayes’ track record of predictions comes with a caveat. His previous forecasts for Bitcoin fell short, notably in April 2020 when he cautioned about a potential 57% drop, which didn’t materialize as Bitcoin remained stable and even surged 28% to $9,000 in the subsequent three months. Recently, Hayes predicted ETH to hit $5,000 post-The Merge, yet Ethereum’s price declined for several months following The Merge event before recovering alongside the broader crypto market earlier this year.

Hayes’ strategic move from SOL to ETH amidst Solana’s pinnacle might raise eyebrows, given his history of mixed predictions. However, his forward-looking approach and willingness to adapt to the market’s dynamics continue to draw attention, emphasizing the volatility and unpredictability that characterizes the cryptocurrency landscape.

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