Mark Cuban is bullish on MATIC and Ethereum, despite drop in the altcoin’s price
|- American billionaire entrepreneur Mark Cuban bets on MATIC and Ethereum against Bitcoin.
- Cuban recently discussed his preference for the Ethereum scaling solution, explaining that Bitcoin is not a good store of value.
- Analysts predict further consolidation in MATIC price; the altcoin has posted 7% losses overnight.
Institutional capital inflow to altcoins continues, and Mark Cuban believes MATIC and Ethereum could outperform Bitcoin. MATIC price recently suffered a drop, and analysts predict a continuation of the downtrend.
MATIC price could continue its downtrend
Mark Cuban, the American billionaire entrepreneur, is bullish on MATIC and Ethereum. Cuban prefers Ethereum and its scaling solution over Bitcoin, arguing that the latter is not an ideal store of value.
There has been a spike in institutional capital inflow to MATIC since 2021. Brett Harrison, President at FTX.US, agrees with Mark Cuban and bets on Ethereum and Proof-of-Stake (PoS) ecosystems.
Harrison believes altcoin prices could break into a rally as Bitcoin dominance rises. MATIC’s utility drives its adoption and has drawn investors like Cuban to the project. Cuban is a known proponent of cryptocurrency, putting his weight behind Dogecoin for its ease and utility, driving its adoption through his NBA team Dallas Mavericks.
Mark Cuban revealed that he has accumulated “a lot of MATIC and Ether.”
Despite upgrades on the Ethereum network, the issues of scalability and congestion continue to plague the altcoin’s blockchain. MATIC offers a solution via its higher throughput and lowers transaction fees.
Despite the capital inflow and rising demand, MATIC price has plunged. Analysts have evaluated the MATIC price trend and predicted a continuation. @AltcoinSherpa, a renowned pseudonymous analyst, believes that MATIC price could reverse its trend if it sustains above the 200-day Simple Moving Average.
$MATIC: Looks pretty good overall, still holding above the 200D EMA and the 4h EMAs all looking fairly healthy. I think we see more consolidation around here. #MATIC pic.twitter.com/B2s08sCQlM
— Altcoin Sherpa (@AltcoinSherpa) February 16, 2022
$MATIC: Looks pretty good overall, still holding above the 200D EMA and the 4h EMAs all looking fairly healthy. I think we see more consolidation around here. #MATIC pic.twitter.com/B2s08sCQlM
— Altcoin Sherpa (@AltcoinSherpa) February 16, 2022
FXStreet analysts believe that MATIC price could drop another 15% in response to geopolitical woes. The altcoin has posted 7% losses overnight.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.