Ethereum Tops Hayes' Crypto Picks with Potential for Triple to Quintuple in Value

Arthur Hayes, co-founder of BitMEX, has named Ethereum his 'number one pick' in crypto. He believes that ETH could surge 3 to 5 times its current value 'pretty quickly'. Hayes cited Ethereum's prolonged underperformance since its 2021 all-time high as a key factor driving his bullish outlook.

Hayes pointed out that investors are waiting for stronger price action before focusing on the asset's fundamentals, which include its role in decentralized finance and large developer ecosystem. However, he noted that Ethereum's current price of around $2,435 is a relatively low point compared to other large-cap assets like Hyperliquid.

Hayes still sees potential in Hyperliquid, but believes that it doesn't offer the same risk-reward opportunity as Ethereum. He cited his own fund's investment in HYPE, which entered at $30 and exited at $75, and noted that expectations are now higher due to its strong performance in the previous cycle.