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What language will be most in demand in the web development market in the next 5 years?

I would rank the languages in this order:

1) JavaScript
2) Python
3) Ruby

Here's why...

You could just do Python, but if you have the energy and time, solid knowledge of JavaScript can only help you. It's everywhere and not going away.

As for Ruby, my impression of Ruby developers is that they're generally very smart, careful programmers.

You could say this is silly, but if you step back, you do see a general style that goes with a specific language.

That said, the choice of languages and frameworks when Ruby and ROR came to the party are very different than they are now.

ROR offered a rapid application development (RAD) platform that appealed to developers who had to get things done fast, but also appreciated elegant code.

Ruby experts are doing very well (pay rate and availability of jobs), but if you're just getting started, I wouldn't start with Ruby.

I think JavaScript/Python are a better pair considering the current (and what I imagine to be future) market.

As for choosing a language by hourly rate, be careful there.

I was one of the highest-paid Macintosh C programmers I knew (in about 1994) until the work completely disappeared.

There's a time when companies still have ongoing projects in a language/framework and need resources. When new people aren't learning the language and old people are leaving, supply and demand causes rates to rise. Then the whole market disappears.