Ethereum (ETH) price soared to a record high this morning to push the entire cryptocurrency market capitalization above $2 trillion again.
Fundamental analysis: Mark Cuban praises Ethereum
The US billionaire investor Mark Cuban, His optimism on the future of digital currents has recently been expressed and blockchain technology compared early in the internet.
Cuban has stated that he maintained the few cryptocurrencies he purchased in the early days and notes his portfolio as follows: “60% bitcoin, 30% etheric, and 10% the rest.” He invested in Bitcoin because he views it rather than a currency as a store of value.
Several years ago, “people said bitcoin is a currency, and I’m like, ‘It’s just not going to work.’ But, the entire time, I said it was a store of value where, if you could get people to believe that it was a better alternative than gold, because of its algorithmic scarcity, the price is going to go up,” Cuban said.
He added that bitcoin “is and continues to be a better alternative to gold.” That’s why I own Bitcoin and I never sold it.” He also told the second-largest Ethereum cryptocurrency he was very interested in.
He said it was the game changer that smart contracts were introduced in Ethereum. Cuban said that the decentralized financing and non-fungible tokens were created after intelligent contracts, and “That’s what made me excited. It’s like the Internet, therefore,” he said.
Ethereum can be adapted over time because developers can improve their capabilities, Cuban said.
Technical analysis: Where next?
Technical analysis Ethereum prices pushed the second biggest cryptocurrency in the world to print $2,151 early this morning. Last week digital assets gained 23% to make the last record high of $2,040 easier to achieve.
This breakthrough has provided the buyers with a basis for higher targets. Within a symmetrical triangle, the measurement target is close to $2,600 (the blue vertical line). Traders who want to buy Ethereum are likely to extend Fibonacci to $2,250 by 127.2 percent
Billionaire investor Mark Cuban expressed support for cryptocurrencies and explained why since he invested at first he never sold his holdings. Meanwhile, the prices of ETH have reached a new record.