Ethereum, the world’s second-largest cryptocurrency has once again moved past $2000 eyeing its new all-time high. At press time, ETH is trading 4% up at $2001 with a market cap of $230 billion.
Popular investors and billionaires are closely watching their developments with Ethereum (ETH) as it turns out to be one of the most-preferred crypto choices after Bitcoin. Speaking at The Delphi Podcast last week, billionaire Mark Cuban revealed that he owns a lot of Ethereum in his crypto portfolio.
Cuban revealed that his current crypto portfolio allocation looks like “60% bitcoin, 30% Ethereum and 10% the rest” Speaking about Ethereum, Cuban stated that it is a “true currency” in a sense and said that Ethereum’s smart contract operations got him interested in the crypto.
“What really changed everything was smart contracts,” Cuban said. “Smart contracts came along, and that created DeFi [or decentralized finance] and NFTs [or nonfungible tokens]. That’s what changed the game. That’s what got me excited. That’s why it’s a lot like the internet.”
Cuban strongly believes that Ethereum is “adaptable over time” since developers can iterate it and improve the platform capabilities. “That is more life-like, and so, I have a lot of Ethereum as well,” Cuban said. “I wish I had bought it sooner, but I started buying it four years ago, simply because I think it’s the closest we have to a true currency.”
Institutional Buying of Ethereum (ETH) Continues
Data suggests that institutional buying of Ethereum continued during the Q1 2021. Since the beginning of this year, the Grayscale Ethereum Trust (ETHE) has been stacking ETH all over Q1 2021.
On the other hand, the latest data from Ki-Young Ju shows that $400K worth of ETH outflows happened last week on Coinbase.
400k $ETH flowed out from Coinbase a few days ago.
— Ki Young Ju 주기영 (@ki_young_ju) April 2, 2021
This ETH outflow happens as Ethereum (ETH) makes swift 20% gains over the last week. It’s a clear indication that institutions have set up their eyes on ETH at this point.