Ethereum (ETH) Approaches $4000 In Multi-Week High, Mark Cuban Sees Strong Upside

By Bhushan Akolkar
Published October 15, 2021 Updated October 15, 2021
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Ethereum (ETH) Approaches $4000 In Multi-Week High, Mark Cuban Sees Strong Upside

By Bhushan Akolkar
Published October 15, 2021 Updated October 15, 2021

The world’s second-largest cryptocurrency Ethereum (ETH) has been following the Bitcoin price action. As of press time, Ethereum (ETH) is trading 5.46% up at a price of $3,838 and a market cap of $452 billion.

This is for the first time in the last six weeks that the ETH price has crossed $3,800 levels. After consolidating for a while at around $3,300, Ethereum (ETH) is now making a move to $4000 and above.

The world’s second-largest cryptocurrency continues to gain strength when we look at its on-chain fundamentals. The total ETH supply on the exchanges continues to remain on a decline. There’s a massive outflow of ETH from centralized exchanges and into the cold wallets. Furthermore, the total number of ETH in the Ethereum 2.0 deposit contracts has crossed 8 million.

Mark Cuban: Ethereum has the “Most Upside”

Speaking to CNBC on Wednesday, October 13, Mark Cuban said that he’s more bullish on the future of Ethereum. When asked which cryptocurrency he would suggest to beginners in the crypto space, Cuban named Ethereum (ETH). “As an investment, I think ethereum has the most upside,” he added.

Cuban further added that Ethereum is closest to a “true currency” and wished that he had bought more of it earlier. The Ethereum ecosystem has witnessed stellar growth amid the strong demand for decentralized finance (DeFi) and NFTs this year.

Recently, speaking to CNBC, real-estate billionaire Barry Sternlicht also showered praises for Ethereu, He said:

Bitcoin is a dumb coin, it has no real purpose other than a store of value, and it’s crazily volatile. So Ether, I own some of that, it’s a programmable Bitcoin and there are tons of other coins that are built on that system.

Institutional inflows in Ethereum (ETH) have been growing consistently since the beginning of 2021. Once the Bitcoin ETF comes to the market, financial players will start applying for Ethereum ETF very soon.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
822 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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