BitMEX founder Arthur Hayes recently shared his views on the future of the cryptocurrency market. In addition to being optimistic about the possibility of a Dogecoin spot ETF being launched in this market cycle, he also predicted that Aptos will surpass Solana and become the second largest L1 blockchain by market capitalization within 1 to 3 years.
Cryptocurrency derivatives exchange BitMEX founder Arthur Hayes and Real Vision CEO Raoul Pal recently attended the Coin Bureau YouTube Podcast earlier this month, expressing confidence that a Dogecoin spot ETF may be launched before the end of this market cycle and disclosing their meme coin investment portfolios.
It is worth noting that at the end of the program, Arthur Hayes boldly predicted that Aptos will surpass Solana and become the second largest L1 blockchain by market capitalization, an event expected to happen within the next 1 to 3 years. However, he did not provide detailed reasons for this prediction, only mentioning that he will offer more details related to this forecast before September 2024.
According to Coingecko data, the current price of APT is $7.66, with a 13.4% increase over the past year and a current market capitalization of $3.45 billion. In comparison, the current price of SOL is $146.43, with an 822.5% increase over the past year and a current market capitalization of $67.6 billion, highlighting a significant gap between the two.
Arthur Hayes and Raoul Pal both believe that the L1 competition will become an important and profitable innovation area when the “Banana Zone” (referring to an active market period) arrives in the future. They also mentioned other potential L1 competitors such as Sui, Celestia, and Monad.
In Raoul Pal’s current investment portfolio, 90% is allocated to SOL. He mentioned that he has been closely observing the ETH to BTC exchange rate, indicating that when this rate breaks higher levels, it signifies the beginning of a “true altseason.” He emphasized the importance of timing in investment choices, especially during the “Banana Zone” when significant opportunities for price increases emerge, noting that many of the most promising tokens in this cycle have already started to rebound from their lows.
Additionally, Arthur Hayes made a startling prediction about how this market cycle will end, suggesting that the biggest risk in the next two to three years is a major cryptocurrency custodian being hacked, resulting in losses of up to $500 billion to $1 trillion in cryptocurrency. This event would mark the end of this market cycle.
