The cryptocurrency space is a compelling industry that tends to prove many doubters wrong, even veterans and seasoned participants such as BitMEX’s co-founder, Arthur Hayes.

As reported last week, the current Maelstrom exec sold a big portion of his portfolio as he envisioned a more profound market-wide correction was in the making.

At the time, Hayes disposed of more than $8 million worth of ETH, alongside some PEPE and ENA holdings. Later on, he owned up to the move, saying that the US Federal Reserve had decided once again not to lower the key interest rates, which was a bearish sign for the crypto market.

Also, he noted that Trump’s foreign policy will result in more turbulence in the ever-volatile crypto market, which is why he preferred to be on the sidelines.

Although that made a lot of sense at the time (which was just a week ago), as many cryptocurrencies were in the red after Trump’s latest actions and nuclear submarine movements, the market typically tends to move in the opposite direction of what people expect.

In the past few days alone, many digital assets have posted notable price gains, including ETH. In fact, the second-largest cryptocurrency just broke past $4,000 and marked a new multi-year high of $4,200. This means that it has gained 20% in a week, which is in stark contrast to Hayes’s expectations of a price drop to $3,000.

As such, Hayes took it to X again to say that he had to “buy it all back.” Evidently, he was referring to ETH since he posted an Ethereum chart and asked for forgiveness from one of the biggest ether proponents – Tom Lee. Oh, and he also promised not to take profits again.

Had to buy it all back, do you forgive me @fundstrat ?

I pinky swear, I’ll never take profit again.

pic.twitter.com/jRWfaCEPE6

— Arthur Hayes (@CryptoHayes) August 9, 2025

Bitcoin’s price gained a few grand over the past days but was stopped ahead of $118,000 and now stands around $117,000.

Many altcoins have significantly outperformed the market leader, which has reduced its dominance by 2% to 58%.

BTC Dominance Drops

August started on the wrong foot for bitcoin, which started to lose value rapidly due to overall global economic uncertainty and Trump’s controversial actions that had a few nuclear submarines move close to Russia’s borders. The culmination took place on August 3 when BTC slumped to a multi-week low of just under $112,000.

Nevertheless, the bulls stepped up in the following days and didn’t allow a breakdown below $110,000. Just the opposite, the cryptocurrency started to recover and bounced to almost $118,000 yesterday, which became a 9-day high.

It failed there and now stands at around $117,000. Its market capitalization has calmed at approximately $2.330 trillion, while its dominance over the altcoins has taken a major hit. The metric is down to 58% on CoinGecko, which means that it has declined by 2% in just a few days.

Alts Take Main Stage

Altseason speculations are running rampant once again as many alts have produced impressive gains over the past days. Ethereum is leading the pack, with a massive surge to a three-and-a-half-year high of $4,200.

DOGE, LINK, and HYPE are the other notable gainers from the larger-cap alts, with price pumps of up to 8%. CRO, UNI, XMR, and many other mid-cap alts have also performed incredibly since yesterday. ENA has taken the spotlight, with a mindblowing 20% surge that has taken it to $0.73. PEPE follows suits, with an 11% pump.

Pi Network’s token has reacted well to the recent declines and is up by 10% to $0.4.

The cumulative market cap of all crypto assets has gained almost $200 billion since Thursday and is beyond $4 trillion once again.

TL;DR

• Ripple’s cross-border token has joined the altcoin pack by marking substantial gains over the past few days, now trading close to its previous all-time high.
• One indicator suggests that the asset could experience another massive double or even triple-digit rally, given its historical performance.

MVRV Golden Cross

It was just a week or so ago when XRP struggled below $2.8 after losing the critical $3 support. The asset had plunged by over 20% since its new all-time high marked in mid-July and analysts were quick to warn about another crash that can take it to and below $2.4.

However, this isn’t what transpired. Perhaps driven by the overall market resurgance and the much-anticipated conclusion of Ripple’s legal battle against the US SEC, XRP went on a tear in the past few days and soared past $3.3 earlier today, thus proving the doubters wrong.

XRP is now 11% up weekly, and has added nearly 40% of value in the past month, standing just 9% away from its $3.65 all-time high. What’s perhaps even more bullish is the formation of an MVRV golden cross, as pointed out by Ali Martinez.

When this happened in late 2024, Ripple’s token went on a tear and skyrocketed from $0.5 to $3.4 within months, gaining roughly 600%. Then, the signal appeared once again in July and XRP broke out of its consolidation range at around $2.2 and jumped to the aforementioned ATH of $3.65 (approximately 60% surge).

The last two times the MVRV ratio flashed a golden cross, $XRP soared 630% and 54%. That signal just appeared again. pic.twitter.com/rnavmDvscq

— Ali (@ali_charts) August 8, 2025

If history repeats now and XRP mimics the triple-digit pump, it could go well beyond $20 and up to $25. Even if the less bullish scenario materializes, it would still put the asset’s price at $5, which would mean a new all-time high.

Other Predictions

It’s worth repeating again and again, history is no indicator of future price performances. However, it does tend to rhyme occasionally.

Still, the XRP Army is among the most vocal parts of the cryptocurrency community and often posts big price predictions. One of the loudest, John Squire, recently envisioned another 6x price surge for XRP, which would make it a trillion-dollar asset. Although that does sound tempting, it’s a bit unrealistic given the current situation where XRP’s market cap stands around $200 billion.

Nevertheless, the cryptocurrency market is highly unpredictible, which has been proven over and over again, and XRP has indeed posted some massive gains in the past, so I wouldn’t count it out completely.