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Arthur Hayes, Chief Investment Officer astatine Maelstrom and erstwhile BitMEX CEO, has shared a highly optimistic outlook for Ethereum (ETH), predicting that the integer plus could scope a caller all-time high of $10,000 by the extremity of the year.
In a July 23 blog post, Hayes described ETH arsenic “the astir hated large-cap crypto,” likening its existent sentiment to Solana pursuing FTX’s illness successful 2022 earlier its meteoric emergence from $7 to $280.
Hayes believes momentum is present shifting. He points to Ethereum’s increasing usage successful firm treasury strategies and enactment from large Western organization players, including Fundstrat’s Tom Lee, arsenic signs of an impending rally.
He suggested that mounting organization assurance could trigger a marketplace breakout, saying investors should beryllium proactive.
According to him:
“Buy first, inquire questions later.”
CryptoPunks could outshine ETH
While bullish connected Ethereum, Hayes besides argued that CryptoPunks NFTs could outperform ETH successful presumption of dollar value.
He reasoned that Ethereum holders volition apt transmission their profits into NFTs arsenic presumption symbols, reflecting broader societal behaviors astir wealthiness and prestige.
Hayes questioned:
“[NFTs are] an net presumption game. The full satellite system extracurricular of nutrient and vigor accumulation is simply a elephantine presumption game, wherefore would the net nine beryllium immoderate different?”
This position echoes comments from Yat Siu, president of Animoca Brands, who compares NFTs to luxury items similar Rolex watches oregon Birkin bags. According to Siu, radical acquisition these items chiefly owed to their taste symbols of individuality and belonging alternatively than their functionality.
CryptoPunks, launched successful 2017 arsenic 1 of the archetypal NFT projects connected Ethereum, person gained legendary presumption successful the integer creation world.
At the highest of the marketplace successful 2021, the collection’s level terms was worthy an mean of 125 ETH, but its worth fell importantly during the marketplace wintertime to a debased of 21 ETH.
However, with the NFT abstraction enjoying immoderate signifier of renaissance lately, CryptoPunks’ worth has surged successful the past week by implicit 20% to 48 ETH, which equates to $177,000.
The station Arthur Hayes bets connected $10k Ethereum and CryptoPunks arsenic caller presumption symbols appeared archetypal connected CryptoSlate.
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