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 help from main Western institutional gamers, together with Fundstrat’s Tom Lee, as indicators of an impending rally.
He instructed that mounting institutional confidence might set off a market breakout, saying buyers must be proactive.
In keeping with him:
“Purchase first, ask questions later.”
CryptoPunks might outshine ETH
Whereas bullish on Ethereum, Hayes additionally argued that CryptoPunks NFTs might outperform ETH by way of 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 sport. The entire world financial system outdoors of meals and power manufacturing is a huge standing sport, why would the web society be any completely 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 keeping with Siu, individuals buy these things primarily on account of their cultural symbols of id and belonging quite 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 ground value was price 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 recently, CryptoPunks’ worth has surged previously week by over 20% to 48 ETH, which equates to $177,000.