Former BitMEX CEO predicts the growth of the ETH rate to $5000

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What’s new? Former CEO of the crypto exchange BitMEX Arthur Hayes said that he dropped the native tokens of blockchain Solana (SOL) and increased his investments in Ethereum (ETH). According to his prediction, the rate of the largest altcoin will rise to $5000. At the same time, Hayes did not specify the terms of reaching this mark. On December 22, 09:50 UTC, ETH is trading on Binance at $2315, having added 4,5% over the day. The growth since the beginning of the year amounted to 94%, according to TradingView data.

Source: Twitter.com

What else is known? Earlier, Peter Brandt, an analyst with 40 years of experience, allowed the possibility of the ETH rate to fall to $650, fixing on its price chart the “rising wedge” pattern, traditionally signaling an upcoming trend reversal.

In its turn, SOL demonstrates active growth: since mid-October, the rate has jumped by 320%. The asset is trading at $92,12, which is the maximum since May of last year. On December 20, SOL displaced XRP from the fifth place of the overall ranking of cryptocurrencies by market capitalization. Over the past 24 hours, as a result of a 16% jump in price, SOL rose to fourth place on the list, overtaking the native token of the largest crypto exchange Binance, but then lost to it again.

Binance analysts also noted Solana’s faster growth compared to other Layer 1 (L1) networks. The main reason, in their opinion, was the increased activity of project developers within the ecosystem, who conducted a series of airdrops among their communities.

Google’s interest in Solana has grown by 250% since October, and on December 16, the ecosystem’s decentralized exchanges surpassed Ethereum-based projects in daily trading volume with $1,5 billion. In addition, the leading Solana wallet Phantom added support for bitcoin NFTs, which are now experiencing explosive growth in popularity. The VanEck fund believes that SOL will reach third place in terms of capitalization in the coming year.

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Hayes himself previously confirmed his prediction that the bitcoin exchange rate will rise to $1 million.