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 might attain a brand new all-time high of $10,000 by the tip of the 12 months.
In a July 23 weblog post, 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 growing use in corporate treasury methods and assist from main Western institutional gamers, together with Fundstrat’s Tom Lee, as indicators of an impending rally.
He urged that mounting institutional confidence might set off a market breakout, saying traders needs to be proactive.
In accordance with him:
“Purchase first, ask questions later.”
CryptoPunks might outshine ETH
Whereas bullish on Ethereum, Hayes additionally argued that CryptoPunks NFTs might outperform ETH when it comes to greenback worth.
He reasoned that Ethereum holders will probably channel their earnings 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 huge standing recreation, why would the web society be any totally different?”
This attitude echoes feedback from Yat Siu, chairman of Animoca Manufacturers, who compares NFTs to luxury items like Rolex watches or Birkin baggage. In accordance with Siu, folks buy this stuff primarily because of their cultural symbols of identification and belonging moderately 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 throughout the market winter to a low of 21 ETH.
Nonetheless, with the NFT area having fun with some type of renaissance these days, CryptoPunks’ worth has surged previously week by over 20% to 48 ETH, which equates to $177,000.
