tl;dr
Arthur Hayes believes Ethereum has a better performance outlook than Solana because, despite widespread criticism, Ethereum maintains the highest total value locked (TVL), developer count, and security among proof-of-stake blockchains. While Solana saw recent growth driven by meme coins, its activit...
Arthur Hayes predicts that Ethereum will outperform Solana in the next 18 to 24 months due to Ethereum’s stronger developer base, superior security, and dominant market position, despite current negative sentiment surrounding it.
Solana’s recent growth has been largely driven by meme coins, but following the burst of that bubble, its network activity and revenue have dropped significantly. In contrast, Ethereum continues to lead in DeFi, decentralized applications (dApps), stablecoins, and asset tokenization, maintaining the highest total value locked (TVL) and developer count among proof-of-stake blockchains.
Hayes highlights that Ethereum, though widely criticized and "very hated," remains the industry standard with enduring fundamentals. While Solana enjoyed a spike earlier this year—from about $100 in early April to above $180 in mid-May—its price has since retreated below $165. During the same period, Ethereum nearly doubled from a low near $1,400 to almost $2,700 before settling below $2,400, showing marginally better performance over the past six weeks.
Regarding Bitcoin, Hayes forecasts a rise in Bitcoin dominance within the crypto markets. He sets potential BTC price targets of $200,000 in the near term and $250,000 by year-end, driven by pressures on the US dollar and capital repatriation trends. Hayes has even speculated that prolonged US dollar devaluation and foreign capital movements could push Bitcoin’s price toward $1 million by 2028.
Overall, Hayes suggests that if investors were to deploy fresh fiat capital, Ethereum would be the better bet over Solana during the upcoming bull run. He balances his bullish crypto outlook with a 20% portfolio allocation to gold, signaling a diversified approach amid market volatility.