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 U.S. billionaire investor Mark Cuban recently voiced his optimism on the future of digital currencies and compared blockchain technology to the early days of the internet.
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Cuban said he kept the few cryptocurrencies he bought in the early days and noted that his portfolio is allocated as follows: “60% bitcoin, 30% Ethereum and 10% the rest.” He invested in Bitcoin because he views it more as a store of value rather than a currency.
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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 he believes Bitcoin is “a better alternative to gold, and it’s going to continue [to be]. That’s why I own bitcoin and why I never sold it.” He also expressed his high interest in the second-largest cryptocurrency Ethereum.
He said the introduction of smart contracts on Ethereum was the game-changer. Cuban said that after smart contracts, the decentralized finance was created as well as the non fungible tokens, and “that’s what got me excited. That’s why it’s a lot like the internet,” he said.
Cuban said Ethereum is adaptable over time because developers are able to improve its capabilities.
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Technical analysis: Where next?
Ethereum price has pushed higher early this morning to print $2,151 – a fresh record high for the world’s second-largest cryptocurrency. The digital asset gained over 23% last week to facilitate a close above the previous record high of $2,040.
This breakout has created a base for the buyers as they now look for new targets higher. The measured target, in the context of a symmetrical triangle, comes near $2,600 (the blue vertical line). Before, traders looking to buy Ethereum are likely to target 127.2% Fibonacci extension line near $2,250.
Summary
Billionaire investor Mark Cuban voiced his support for cryptocurrencies and explained why he never sold his holdings since he invested in the early days. In the meantime, ETH price has hit a fresh record high.
