ETH reaching $1,900 made Grayscale and Cuban bullish towards the market

Cuban and Grayscale being bullish over the high prices of ETH

  • The price of ETH hit a new All-Time of $1,968.90
  • Its increase has surpassed that of BTC, proving that it stands undervalued in the market
  • Mark Cuban has been investing in ETH and believes that slowly ETH would attain a better store value than Bitcoin 

With today’s data, Ethereum has reached the highest price of all times, $1,968, which makes it the second largest crypto as per the market value. Reaching such a huge price has led to a 2000% increase in the price of ETH since March 2020, on the other BTC has risen by 1200% since then. This proves to be a huge mark, because with the growing craze of Bitcoin in the market, no light fell on the market of the second largest crypto, and was overpowered by BTC and was not paid attention to by the investors. With the present data from the market analysts believe that ETH is very much undervalued compared to its level in the market. Several institutional investors have taken to buy more assets from ETH compared to BTC, and yet it lies undervalued in the market. 

Grayscale’s role in ETH prices

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The manager of Grayscale, who managed the digital assets, had opened a trust of ETH to its accredited investors, after which he has been buying loads of ETH assets almost everyday. An asset management firm, on February 12, bought around 52,730 ETH which amounted to $94 million, and compared to BTC it was $8 million. The ETH asset has been recently receiving some great support from popular institutional investors which has made a mark in its positive outcome. Mark Cuban, a billionaire investor in tech giants mentioned that Ethereum has a well versed advantage over that of Bitcoin as it has a well-defined store value in its reserve. 

Mark Cuban’s backing for Ethereum 

As we know that several smart contracts are developed over the blockchain of ETH, this has largely excited the owner of The Dallas Mavericks. These smarter contracts include DeFi along with dApps. However, as per Mark Cuban, maximum innovations are taking place over the ETH blockchain which has actually taken over the limelight from BTC. With these dynamic innovations and developments, Cuban believes that Ethereum is gradually moving up the ladder and that will sooner or later take over the store value of Bitcoin in the market. He is expecting much more rise in the prices of ETH in the coming days. With these changes the blockchain is going to gain its actual value in the market as well as among the users. 

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Source: https://www.thecoinrepublic.com/2021/02/19/eth-reaching-1900-made-grayscale-and-cuban-bullish-towards-the-market/