Cryptocurrencies Price Prediction: Ethereum, Cardano & Bitcoin – European Wrap 22 December

BitMEX founder dumps Solana for Ethereum, forecasts $5,000 per ETH

BitMEX founder Arthur Hayes posted on social media platform X (formerly Twitter) that he has traded his Solana (SOL) holdings for Ethereum (ETH). 

Hayes has been a strong proponent of Solana and expects the altcoin to reach $100, but in his recent post says that he has “dumped” Solana for Ethereum. Additionally, BitMEX founder forecasts ETH to hit $5,000 per coin, which would be a new all-time high. In the last bull cycle, ETH touched an all-time high of $4,868 but failed to reach this round psychological level. But considering the current bullish outlook and the chances of an ETF approval for Bitcoin, the chances Ethereum price rises to $5,000 is high. 

Cardano on-chain metrics signal ADA holders should tread with caution

Cardano on-chain metrics signal the likelihood of a correction in ADA price as the altcoin’s holders engage in profit-taking. The Ethereum-killer altcoin rallied nearly 74% in the past month, sustaining above $0.61 on Friday, but this rally shows some signs of exhaustion.

According to on-chain data from crypto intelligence tracker Santiment, ADA holders are engaging in profit-taking. Starting December 4, Cardano chain transactions resulted in profits for traders. These profit-taking spikes coincide with an increase in large wallet transactions.

Bitcoin price could climb towards $48,000 target with upcoming US SEC approval on BTC Spot ETF

Bitcoin price sustained above $44,200 on Friday. The largest asset by market capitalization held on to its gains from the week as the market ushers in the report of likely Spot Bitcoin ETF approval by the SEC.

According to a Fox Business report, sources close to the SEC revealed that an approval is likely by January 10, 2024. Fox Business reports that sources close to the SEC unveiled that according to the recent guidance by the US financial regulator, an approval of the Spot Bitcoin ETF is likely by January 10.