BitMEX founder Arthur Hayes recently shared his views on the future of the cryptocurrency market. In addition to being optimistic about the launch of a Dogecoin spot ETF in this market cycle, he also predicted that Aptos will surpass Solana within 1 to 3 years to become the second largest L1 blockchain by market capitalization.
Cryptocurrency derivatives exchange BitMEX founder Arthur Hayes and Real Vision CEO Raoul Pal recently attended Coin Bureau’s YouTube Podcast earlier this month. Both of them are optimistic that a Dogecoin spot ETF may be launched before the end of this market cycle and revealed 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 to become the second largest L1 blockchain by market capitalization. This is expected to happen within the next 1 to 3 years. However, he did not provide detailed reasons for this, only mentioning that he will provide more details about this prediction before September 2024.
According to Coingecko data, the price of APT is currently $7.66, with a 13.4% increase over the past year and a current market capitalization of $3.45 billion. In comparison, the price of SOL is currently $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 unanimously believe that the L1 competition will become an important and profitable innovation area in the future “Banana Zone” (referring to an active market period). They also mentioned other potential L1 competitors like Sui, Celestia, and Monad.
In Raoul Pal’s current investment portfolio, 90% is in SOL. He mentioned that he has been observing the ETH to BTC exchange rate, and when this rate breaks higher levels, it signals the start of the “true altcoin season.” He emphasized the importance of timing in investment choices, especially when the “Banana Zone” arrives and significant upward opportunities emerge, noting that many of the most promising tokens in this cycle have already started to rebound from lows.
Additionally, Arthur Hayes shared a shocking prediction about how this market cycle will end. He stated that the biggest risk facing this cycle in the next two to three years is that a major cryptocurrency custodian will be hacked, resulting in cryptocurrency losses ranging from $500 billion to $1 trillion, marking the end of this cycle.