The crypto market made a sharp correction after a strong rise. While the market is currently consolidating, investors and traders are positioning for a new run. BitMEX founder Arthur Hayes is bullish on three cryptocurrency projects during the current bull market cycle.
“This cryptocurrency has a lot of upside potential!”
Arthur Hayes gave an interview to Anthony Pompliano, founder of Pomp Investments. Hayes says Pendle (PENDLE), a decentralized finance (DeFi) project that allows users to tokenize and sell future returns, has a lot of upside potential as it innovates in the interest rate space. In this context, Hayes makes the following statement:
If we want Bitcoin, Ethereum, or other cryptos to be used farm-to-table, we need interest rates to borrow and lend across the ecosystem. So we’re starting to see that. Pendle is leading the way. They have created some fun stuff with a fixed return on point allocations for certain protocols and the ability to separate trading returns… They will be coming out with a leveraged interest rate swap version… I think Pendle can really dismantle that interest rate narrative. Additionally, if it can create ecosystem-wide native yield curves for Bitcoin, Ethereum, and other shitcoins, it could become the largest derivatives exchange in the entire space, whether centralized or decentralized.
Pendle, meanwhile, was trading at $2.68 at the time of writing, up nearly 9% on a daily basis. However, the altcoin lost more than 10% on its weekly chart.
“We are just starting the AI bubble!”
The famous trader also says that he is bullish on Filecoin (FIL). Filecoin is a peer-to-peer file storage network that has the potential to be used as a tool for storing data by artificial intelligence (AI) companies. Hayes says the following about cryptocurrency:
Filecoin: Frankly, the AI narrative is still ongoing. And you see all this energy in the traditional stock markets of all these AI companies… I think we’re just starting this AI bubble… Frankly, AI training models are very data intensive.
Meanwhile, Filecoin was trading at $8.16 at the time of writing. The cryptocurrency dropped 1.6% in the last 24 hours. Besides, FIL lost more than 24% on its weekly chart.
Hayes is bullish on Bitcoin ordinals!
cryptokoin.comAs you follow from , Bitcoin ordinals took the market by storm for a while. However, the hype later cooled down. Bitcoin ordinals like famous trader ORDI are also bullish. Bitcoin ordinals allow users to create the equivalent of non-fungible tokens (NFTs) on the crypto king’s network by writing digital data such as images and videos into a single satoshi, or single unit of BTC. Hayes shares the following statement:
I think ordinals will be huge in this cycle and we will see some new ways to launch artistic creations directly on the Bitcoin Blockchain that will be different from what you have seen so far.
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