“I think Ethereum has a better performance outlook, mostly because it’s very hated,” said Arthur Hayes in an interview with Fortune on May 18.

When asked about Ethereum versus Solana, he said, “Everyone thinks Ethereum does nothing, they haven’t done anything correctly, but it still has the most TVL, it still has the most number of developers, and it still is the most secure proof of stake blockchain.”

Hayes did acknowledge that ETH prices have not done that well since 2020, and Solana has had a recent growth spurt, but added:

“If I’m gonna deploy a fresh unit of fiat capital into the system, I think that Ethereum could outperform Solana in this next sort of 18-24 months bull run.”

ETH to Outperform SOL

Solana’s primary use case is meme coins, and the network did very well during that frenzy earlier this year. However, now that the bubble has burst, its activity and revenue have significantly declined.

Despite all the FUD and hate, Ethereum remains the industry standard for DeFi, dApps, stablecoins, and real-world asset tokenization, having a dominant market share for each category.

Looking at recent performance, Solana climbed from a low of around $100 during the April 7 crash to top out at just over $180 on May 14, before sliding back below $165, notching 80%.

Ethereum has almost doubled over the same time, climbing from a bear market low of $1,400 to come just shy of $2,700 on May 14, before it retreated back below $2,400.

While performance has been similar, Ethereum has done marginally better than Solana over the past six weeks, so maybe Hayes has seen this potential for future price increases.

What About Bitcoin?

When asked about whats next for crypto markets, Hayes, who also admitted to having 20% of his portfolio allocated to gold, said he thought BTC dominance would continue to climb.

“I think Bitcoin in this next little run could go close to $200,000, and then altcoin season comes around and we’ll see some interesting things,” he said before predicting a BTC price target of about $250,000 by the end of the year.

In a recent blog post, Hayes said that pressures on the US dollar could propel BTC prices to seven figures before the end of the decade.

“Foreign capital repatriation and the devaluation of the gargantuan stock of US Treasurys will be the two catalysts that will power Bitcoin to $1 million sometime between now and 2028.”

The asset had dumped hard, losing more than $3,500 in a few hours as it fell below $103,000 at the time of writing.