BiMEX co-founder Arthur Hayes predicts: Ethereum (ETH) is expected to outperform Solana (SOL) in this bull market
In an interview with Fortune magazine on May 18, Hayes stated: "Ethereum's prospects are better, mainly because it is unpopular." He pointed out that despite ongoing skepticism about Ethereum, it still has the highest total locked value (TVL), the most developers, and is the most secure proof-of-stake blockchain.
Hayes acknowledged that ETH's price performance has not been ideal since 2020, while Solana has shown rapid growth. But he added: "If new fiat capital is to be deployed in the system, I think Ethereum may outperform Solana in the upcoming 18-24 months bull market."
Solana's main use case is meme coins, and the network performed well during the hype earlier this year. However, as the bubble burst, its activity and revenue significantly declined. In contrast, despite facing various FUD (fear, uncertainty, and doubt) and negative public opinion, Ethereum remains the industry standard for DeFi, DApp, stablecoins, and RWA, dominating market share across various sectors.
From recent performance, Solana recently rebounded from an April low of $100 to over $180 on May 14, then fell back below $165; Ethereum, during the same period, rose from a low of $1,400 to nearly $2,700 on May 14, before dropping back below $2,400. Although the trends are similar, Ethereum has slightly outperformed in the past six weeks, which may be why Hayes is optimistic about its future upward momentum.
When asked about the next steps in the cryptocurrency market, Hayes stated that 20% of his portfolio is allocated to gold and believes that BTC's dominance will continue to climb. He predicts that Bitcoin may approach $200,000 in the upcoming slight rise, followed by an altcoin season, during which we will see some interesting developments.
Hayes also predicts that the target price for BTC will reach around $250,000 by the end of this year. In a recent blog post, he indicated that pressure on the dollar could push BTC prices to $1 million before the end of this century. Meanwhile, "the return of foreign capital and the devaluation of massive U.S. Treasury bonds will be the two main catalysts driving Bitcoin's price to reach $1 million from now until 2028.
