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. Leading altcoin Ethereum is not among the preferences of BitMEX Founder and famous trader Arthur Hayes. Hayes instead prefers Solana, which he describes as a “high beta Bitcoin.” Hayes’ interest in Solana is based on its highly responsive nature and strong liquidity.
Arthur Hayes chooses Solana over Ethereum because…
BitMEX founder Arthur Hayes shared that he preferred Solana over Ethereum. Hayes describes Solana as a “high beta Bitcoin” due to its sensitivity to market changes. As the US elections approach, Hayes predicts that Solana will outperform other altcoins. He even suggests that it will surpass Ethereum, which he describes as “old, slow and boring.” He highlights that SOL’s liquidity and sensitivity to market changes make it a potentially stronger player than Bitcoin in a bullish environment.
In his Unchained podcast, Arthur Hayes highlights Solana’s liquidity and close correlation with Bitcoin. Thanks to this, he says he will likely see an increase during election season. Therefore, he states that he plans to turn to Solana for swing trades. He also sees Solana as a better short-term product than his long-held Ethereum. Hayes explains that he does not plan to sell his Ethereum assets and says:
I will be trading with SOL as we enter the election season. I want quick moves against Bitcoin due to its high beta. I know when Bitcoin performs well it will go up… This does not mean I will sell any of my ETH which has a very long core position. It’s just that Solana is the better trading tool right now given its mindshare.
“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 the LEFT. In this context, he notes that SOL demonstrates the ability to regain and retain its value. At the time of writing, SOL was trading at $165.55, down 2.40% on the day. While its Ethereum rival is down 1.6% on its weekly chart, it has gained 22.6% in the past month. Meanwhile, ETH is changing hands at $2,497 with a similar loss.
Arthur Hayes says the upcoming US elections could bring short-term gains. But 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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