This Altcoin Gem Will Overtake Solana, Predicts Arthur Hayes

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As a researcher, I find Arthur Hayes’ prediction that Aptos (APT) could surpass Solana (SOL) in prominence and utility within the next two to three years intriguing. While he did not share specific reasons during his interview with Raoul Pal, I believe there are several factors that could contribute to this potential shift.

Arthur Hayes, the co-founder of cryptocurrency exchange BitMEX, expressed his belief that the blockchain Aptos (APT) could surpass Solana (SOL) in significance and functionality to become the second largest Layer 1 (L1) blockchain following Ethereum within the next two to three years. He shared this perspective during an extensive conversation with macro analyst Raoul Pal.

Aptos Could Overtake Solana

During their conversation, Hayes hinted that Aptos has a strong possibility of surpassing Solana and becoming the second-most prominent L1 protocol next to Ethereum. However, he didn’t go into detail about what factors might contribute to this outcome during the discussion. He mentioned that he would provide a more comprehensive explanation of his perspective in September.

In March 2020, Solana made a notable entrance into the blockchain world, addressing key challenges Ethereum faced, especially in areas of scalability, swiftness, and affordability. With these attributes becoming increasingly important as Ethereum struggled with intense network congestion during the DeFi craze, there was a growing need for effective alternatives.

As a crypto investor, I’ve witnessed Solana’s impressive climb in the cryptocurrency world, which took a significant leap forward with the debut of BONK and dogwifhat (WIF) in late 2022 and mid-2023 respectively. These memecoins represented a pivotal shift as they moved away from Ethereum’s ecosystem for the first time, creating two landmark moments in the memecoin scene.

As a Solana investor, I’ve observed that, just like Ethereum, my favorite cryptocurrency faced some hurdles at the beginning of the year. The network became congested due to surging popularity, which highlighted the ongoing scalability challenges within current blockchain infrastructures.

As a crypto investor, I’ve been closely monitoring the market for promising new projects, and Aptos is one that has caught my attention. This up-and-coming digital currency boasts an impressive track record of zero downtime since its inception. That’s right; it hasn’t experienced any interruptions or outages, making it a robust and dependable option within the volatile crypto landscape.

As a researcher studying the blockchain landscape, I’ve observed that although the Diem project, which previously held great promise, was ultimately put on hold, the knowledge and technological innovations behind it have been repurposed into Aptos. This shift highlights Aptos’ potential commercial appeal and its capability to gain widespread adoption. Nevertheless, it’s important to note that at present, Aptos doesn’t boast a thriving Decentralized Finance (DeFi) ecosystem nor any major memecoins that have captured the public’s imagination.

APT Price Analysis

Aptos’s (APT) market performance is evident in the current price, which stands at $7.50 – a 63% drop from its January 2023 peak of $20.39. Following a substantial decline, the stock has plunged below its March high of $19.48. The downtrend has driven APT beneath the key support level at $8.39, which represents the 0.236 Fibonacci retracement.

As an analyst, I’ve noticed that the cryptocurrency’s path has taken a turn for the worse and dipped beneath the 50-week Exponential Moving Average (EMA), currently sitting at $9.25. This significant resistance level has caused numerous rejections for APT, emphasizing its importance in fueling any potential bullish reversal. Furthermore, it’s crucial that APT stays above the year’s lowest price of $7.39 to prevent further downward pressure on the asset.

This Altcoin Gem Will Overtake Solana, Predicts Arthur Hayes

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2024-06-17 15:04