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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market
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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

This Altcoin Gem Will Overtake Solana, Predicts Arthur Hayes

Jake Simmons
Jake Simmons
1 year ago
2 mins read
Ethereum news Arthur Hayes

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Arthur Hayes, co-founder of crypto exchange BitMEX, has predicted that the blockchain Aptos (APT) is poised to surpass Solana (SOL) in prominence and utility in the race for the second largest Layer 1 (L1) blockchain behind Ethereum within the next two to three years. Hayes conveyed his thoughts during a detailed interview with macro analyst Raoul Pal.

Aptos Could Overtake Solana

Hayes indicated that the potential for Aptos to outperform Solana and ascend as the second-ranking L1 protocol after Ethereum is significant, but did not delve into the specific catalysts behind his assertion during the conversation. He promised a more detailed exposition of his views in September.

The emergence of Solana in March 2020 marked a significant milestone in the blockchain landscape. Solana was heralded as a solution to several limitations of Ethereum, particularly concerning scalability, speed, and cost-efficiency. These attributes were crucial as the Ethereum network grappled with severe congestion issues during the DeFi boom, prompting the search for viable alternatives.

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Solana’s ascent in the crypto hierarchy was notably accelerated with the launch of the memecoins BONK in December 2022 and dogwifhat (WIF) in November 2023, both pivotal moments that marked the first major departure of memecoin activities from Ethereum’s ecosystem. Both memecoins not only boosted Solana’s visibility but also attracted an array of memecoins and innovative DeFi platforms, drawn by lower transaction costs.

However, similar to Ethereum, Solana faced its own challenges at the beginning of the year with network congestion as its popularity surged, demonstrating the persistent scalability issues within current blockchain infrastructures.

Aptos, on the other hand, has maintained a record of zero downtime since its inception, positioning it as a robust and reliable alternative within the digital currency ecosystem. Its foundation rests on the novel smart contract programming language “Move,” developed by engineers formerly associated with Meta Platforms Inc.’s Diem project.

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Although Diem was ultimately shelved, the expertise and technological advancements have been redirected into Aptos, emphasizing its suitability for commercial use and potential for widespread adoption. However, Aptos has not yet been widely adapted. The blockchain currently has neither a popular DeFi ecosystem nor any major memecoins.

APT Price Analysis

This is reflected in Aptos’s market performance. Currently, Aptos (APT) has retreated 63% from its January 2023 high of $20.39, trading at $7.50 after experiencing a significant downtrend from its March peak of $19.48. The decline has taken APT below the 0.236 Fibonacci retracement at $8.39.

The cryptocurrency’s trajectory has also seen it falter below the 50-week Exponential Moving Average (EMA), now at $9.25, which has emerged as a major resistance level. APT has faced multiple rejections at this threshold, underscoring its importance for any potential reversal to bullish momentum. Moreover, maintaining a position above the year’s lowest price of $7.39 is critical to stave off further losses.

Aptos price
APT price fell below the 0.236 Fib, 1-week chart | Source: APTUSD on TradingView.com
Featured image from YouTube, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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