Altcoins update: BitMEX co-founder forecasts HYPE, ENA, and ETHFI could rally up to 126X

The cryptocurrency market flashed recovery signals today as Bitcoin reclaimed $113,000.

As risk-on sentiments emerge, BitMEX co-founder Arthur Hayes has issued an ambitious vision for the altcoin season.

Arthur Hayes believes Hyperliquid’s (HYPE), Ethena (ENA), and Ether.fi (ETHFI) has all it takes to outperform the market in the coming years, with up to 126x by 2028.

The bold predictions have raised eyebrows, especially due to cryptocurrencies’ inherent volatility and wild fluctuations.

However, Hayes has tied his forecasts to user behavior, macroeconomic trends, and intensifying innovations in the DeFi space. Let’s discover more.

Hyperliquid to outshine Binance

Decentralized exchange Hyperliquid has thrived lately, due to its high-frequency trading offerings.

Its native token, HYPE, hit new all-time highs this week as it rallied despite broader market struggles.

Meanwhile, Hayes believes Hyperliquid has just started.

He expects the DEX to rival and finally dethrone Binance as the largest exchange by trading volume.

The BitMex co-founder highlighted Hyperliquid’s execution as a winning point.

While most DEXs move slowly, Hyperliquid boasts a pace that matches top CEX giants.

The HIP3 rollout is transforming HYPE’s platform into a permissionless ecosystem for spot and derivatives trading, promising deep liquidity and real-time margining.

Built by a highly efficient team led by Jeff Yan, Hyperliquid is rising as a dominant player in derivatives trading, currently accounting for 67% of DEXs’ market share.

According to Hayes:

Hyperliquid is so transformational that it is quickly growing against CEXs like Binance. By the end of this cycle, Hyperliquid will be the largest crypto exchange of any type, and Jeff Yan might become richer than CZ, the founder and former CEO of Binance.

HYPE traded at $48 after gaining over 20% the previous week.

Hayes forecasts $126x for the Hyperliquid’s token as global traders move on-chain.

Ethena and USDe’s momentum

Hayes also spotlighted Ethena (ENA), the issuer of the thriving synthetic stablecoin USDe.

USDe has grown to become the 3rd-largest stablecoin by circulating supply in less than two years.

The American billionaire trusts USDe’s continued upgrades and growth trajectory could see it surpassing USDC to take the second spot behind Tether’s USDT.

He projects it capturing around 25% of stablecoins’ market share, with approximately $2.5 trillion.

Ethena’s yield-generating model stands out due to advanced strategies like shorting futures against spot tokens and “cash & carry” trade.

The blockchain offers lucrative earning opportunities for stablecoin holders that traditional alternatives like US Treasury bills do not.

The stablecoin sector has seen massive growth after the US regulation, with its total supply exceeding the $280 billion market cap for the first time today.

ENA trades at $0.6684 after an 8% rally in the past 24 hours. Hayes forecasts a 51x rally from its current levels.

Ether.fi: integrating stablecoins to day-to-day spending

The third project that Hayes analyzed was Ether.fi, the platform bringing stablecoins to real-world payments.

The blockchain offers a Visa-powered card that allows users to spend crypto at global enterprises accepting Visa.

That positions Ethena to spearhead the long-awaited real-world utility of stablecoins. The expert said:

The customer experience, whether I use my Amex or Ether.fi cash card is the same. This is important because, for the first time, many in the Global South will pay for goods and services anywhere in the world powered by stablecoins and Ether.fi.

Hayes predicts 34x growth for ETHFI as stablecoins dominate the international financial landscape.

While Hayes’ forecasts echo most cryptocurrency maxis and analysts, digital assets remain volatile. Do your research.

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