The price of Ethereum (ETH) rose to an all-time high this morning to again push the cryptocurrency market capitalization above $ 2 trillion.
Fundamental analysis: Mark Cuban praises Ethereum
American billionaire investor Mark Cuban recently expressed optimism about the future of digital currencies and compared blockchain technology to the early days of the internet.
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Cuban said that he kept the few cryptocurrencies he bought in the first days and noted that his portfolio is distributed as follows: “60% bitcoin, 30% Ethereum and 10% the rest.” He invested in Bitcoin because he sees it more as a store of value than a currency.
Several years ago, “people were saying that bitcoin is a currency and I was thinking, ‘It’s just not going to work.’ But, all the time, I said it was a store of value where, if people could be made to believe that it was a better alternative to gold, due to its algorithmic scarcity, the price would go up, “said Cuban.
He added that he believes that Bitcoin is “a better alternative to gold, and it will continue to be. That’s why I have bitcoins and never sold it. He also expressed his great interest in the second largest cryptocurrency, Ethereum.
He said that the introduction of smart contracts on Ethereum was the game changer. Cuban said that after smart contracts, decentralized financing and non-fungible tokens were created, and “that’s what got me excited. That’s why it looks a lot like the Internet, ”he said.
Cuban said that Ethereum can be adapted over time because developers can improve its capabilities.
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Technical Analysis: Where Next?
Ethereum’s price surged earlier this morning to hit $ 2,151, a new record for the world’s second-largest cryptocurrency. The digital asset gained more than 23% last week to facilitate a close above the previous record of $ 2,040.
Ethereum daily chart (TradingView)
This breakout has created a foundation for buyers as they now seek new higher targets. The measured target, in the context of a symmetrical triangle, is approaching $ 2,600 (the vertical blue line). Earlier, traders looking to buy Ethereum were likely to target the 127.2% Fibonacci extension line near $ 2,250.
Billionaire investor Mark Cuban expressed his support for cryptocurrencies and explained why he never sold his holdings since investing in the early days. Meanwhile, the price of ETH has reached a new high.