Arthur Hayes, founder of BitMEX, has identified one of the cryptocurrencies as his preferred one to trade as the US presidential election approaches.
He believes Solana could outperform other major crypto assets. In a recent interview with Unchained, he called Solana a “high beta Bitcoin,” praising its volatility and responsiveness to Bitcoin’s price movements, traits he finds ideal for an election season primed for rapid market changes.
Unlike Etherium, which Hayes describes as “slow and boring,” Solana’s high liquidity and flexibility offer more short-term trading opportunities, though Hayes still holds Etherium for long-term gains.
As election-related volatility unfolds, Hayes expects a rotation from Bitcoin to altcoins, with Solana leading the way. He is targeting a 30% gain if Solana capitalizes on this momentum, believing it could be the best performing cryptocurrency of the season.
A wave of bullish momentum is sweeping through smaller-cap altcoins, with ResearchCoin (RSC), Electroneum (ETN), and REI Network (REI) all recording substantial 24-hour gains.
XRP is drawing fresh investor attention as optimism builds around its legal standing and potential exchange-traded products (ETPs).
Ethereum is showing strength in the face of broader market weakness, holding firm even as Bitcoin and other major assets trend downward.
Pudgy Penguins’ native token $PENGU is attracting renewed attention from traders after showing consistent support at a key technical level.