The cryptocurrency market continues to fluctuate back and forth. Amid this volatility, Bitcoin’s dominance over altcoins is increasing. Therefore, interest is shifting to altcoins that have the potential to outperform BTC. The leading altcoin Ethereum is not among the preferences of BitMEX Founder and famous trader Arthur Hayes. Instead, Hayes prefers Solana, which he describes as ‘high beta Bitcoin’. Hayes’ interest in Solana is based on its highly responsive nature and strong liquidity.
Arthur Hayes chooses Solana over Ethereum because…
Arthur Hayes, founder of BitMEX, shared that he prefers Solana over Ethereum. Hayes describes Solana as a ‘high beta Bitcoin’ because it is sensitive to market changes. As the US elections approach, Hayes predicts that Solana will leave other altcoins behind. He even suggests that it will surpass Ethereum, which he describes as ‘old, slow and boring’. He emphasises that SOL’s liquidity and sensitivity to market changes make it a potentially stronger player than Bitcoin in a bullish environment.
Arthur Hayes draws attention to Solana’s liquidity and close correlation with Bitcoin in the Unchained podcast. Thanks to this, he says he will likely see an increase during the election period. Therefore, he states that he plans to turn to Solana for quick trades. He also sees Solana as a better short-term product than Ethereum, which he has held for a long time. Hayes explains that he does not plan to sell Ethereum assets, saying:
I’m going to trade SOL going into the election period. I want quick moves because of its high beta against Bitcoin. I know it will rise when Bitcoin performs well… This does not mean that I will sell any of my ETH, which has a very long core position. It’s just that Solana is a better trading vehicle right now given the mindshare it has.
‘US elections provide short-term gains, look at the Fed!’
As you follow from Kriptokoin.com, despite the collapse of FTX, Solana rose from $ 7 to over $ 180. Arthur Hayes draws attention to this impressive movement of SOL. In this context, he states that SOL has demonstrated its ability to regain and hold its value. At the time of writing, SOL was trading at $ 165.55, down 2.40% on a daily basis. While its Ethereum rival fell 1.6% on its weekly chart, it recorded a 22.6% increase in the past month. Meanwhile, ETH is changing hands at $ 2,497 with a similar loss.
Arthur Hayes says the upcoming US elections could provide short-term gains. However, he adds that it is not the primary force behind a long-term bull run. Instead, he sees the Fed’s potential stance on monetary policy as the most influential factor for digital assets going forward.
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