Arthur Hayes, Chief Funding Officer at Maelstrom and former BitMEX CEO, has shared a extremely optimistic outlook for Ethereum (ETH), predicting that the digital asset may attain a brand new all-time excessive of $10,000 by the top of the 12 months.
In a July 23 weblog put up, Hayes described ETH as “essentially the most hated large-cap crypto,” likening its present sentiment to Solana following FTX’s collapse in 2022 earlier than its meteoric rise from $7 to $280.
Hayes believes momentum is now shifting. He factors to Ethereum’s rising use in company treasury methods and help from main Western institutional gamers, together with Fundstrat’s Tom Lee, as indicators of an impending rally.
He recommended that mounting institutional confidence may set off a market breakout, saying buyers needs to be proactive.
In keeping with him:
“Purchase first, ask questions later.”
CryptoPunks may outshine ETH
Whereas bullish on Ethereum, Hayes additionally argued that CryptoPunks NFTs may outperform ETH when it comes to greenback worth.
He reasoned that Ethereum holders will possible channel their income into NFTs as standing symbols, reflecting broader societal behaviors round wealth and status.
Hayes questioned:
“[NFTs are] an web standing recreation. The entire world economic system outdoors of meals and vitality manufacturing is a big standing recreation, why would the web society be any completely different?”
This angle echoes feedback from Yat Siu, chairman of Animoca Manufacturers, who compares NFTs to luxurious objects like Rolex watches or Birkin luggage. In keeping with Siu, folks buy this stuff primarily as a result of their cultural symbols of id and belonging reasonably than their performance.
CryptoPunks, launched in 2017 as one of many first NFT tasks on Ethereum, have gained legendary standing within the digital artwork world.
On the peak of the market in 2021, the gathering’s flooring value was value a median of 125 ETH, however its worth fell considerably through the market winter to a low of 21 ETH.
Nonetheless, with the NFT house having fun with some type of renaissance currently, CryptoPunks’ worth has surged previously week by over 20% to 48 ETH, which equates to $177,000.
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