Is This Altcoin The Amex of Crypto?

• Bitcoin hits $104K, Ethereum leads rally with strong 20% jump.
• EtherFi gains 13%, now trading around $0.71 amid market excitement.
• Arthur Hayes supports ETHFI, praising strong fundamentals and token buybacks.

The crypto market is surging, with Bitcoin crossing $104,000 after gaining 5% in the last 24 hours and an impressive 35% over the past month. But while Bitcoin’s climb has been impressive, Ethereum has been the real star, jumping 20% in a single day. As the big players rally, altcoins also show significant movement, with EtherFi (ETHFI) particularly catching attention today. The ETHFI token has climbed over 13% in the last 24 hours, currently trading around $0.71.

Arthur Hayes Touts EtherFi as “Amex of Crypto”

Crypto analyst Arthur Hayes shared his thoughts on social media, calling EtherFi the “Amex of the crypto world.” 

In his post, Hayes made it clear he’s done with projects that don’t generate revenue or have a solid business model, saying he’s all about assets that deliver real value through things like buybacks and token burns.

EtherFi Price Analysis: Breakout Potential Watched Closely

While it’s still far from its all-time high of $8.57 (recorded in March 2024), analysts are watching it closely for signs of a bigger breakout. Technically, EtherFi is showing strong momentum today — but there’s a catch. 

The token is still considered to be in a downtrend unless it breaks above $0.81 and stays there. If it manages to do that, analysts believe the next targets could be around $1.28 and possibly $2.66 if the rally continues.

Related: Pi Coin (PI) Price Prediction for May 10

ETHFI has performed exactly as expected. It held support at the key neckline level and then surged with strong “mega” bullish candles. The W-shaped double bottom pattern on the 4-hour chart confirms a shift to a bullish trend.

This move shows strength and accuracy in the setup. With momentum now building, any small price dips could be good buy-the-dip opportunities. It looks like $ETHFI is back in charge.

Related: Crypto Bulls Take Charge: ETH, BNB, SOL, and TON Show Strong Momentum on May 9

The Edge Newsletter added ETHFI to ‘tokens on their radar.’ “ETH itself is in the middle of a turnaround, and if that plays out, it could trigger an upswing. That would be a big boost for ETHFI too, since it moves closely with ETH’s price, which might help absorb some of that sell pressure,” they said.