Institutional capital inflows into altcoin projects continue, and Mark Cuban believes MATIC and Ethereum can outperform Bitcoin. On the other hand, Polygon (MATIC) price has taken a dip recently and analysts are predicting that the downtrend will continue.
Mark Cuban is optimistic on popular altcoin projects MATIC and ETH
American billionaire entrepreneur Mark Cuban is optimistic about Polygon (MATIC) and Ethereum (ETH). Cuban prefers Ethereum and its scaling solution, Polygon, to Bitcoin, arguing that Bitcoin is not an ideal store of value. Meanwhile, there has been an increase in institutional capital flows to MATIC since 2021. FTX.US President Brett Harrison agrees with Mark Cuban and is betting on the Ethereum and Proof-of-Stake (PoS) ecosystems.
Harrison believes altcoin prices could enter a rally as Bitcoin dominance increases. MATIC’s helping program drives adoption. According to Harrison, this is what attracts investors like Cuban to the project. A known proponent of the cryptocurrency, Cuban put his weight behind Dogecoin for its ease and usefulness, driving its adoption through NBA team Dallas Mavericks.
Mark Cuban revealed that he has accumulated “a lot of MATIC and ETH”.
Despite upgrades to the Ethereum network, scalability and congestion issues continue to plague the altcoin’s blockchain. MATIC offers a solution with higher throughput and lowers transaction fees. Therefore, it can be said that it is preferred by people. Despite capital inflows and increased demand, the price of MATIC fell.
Analysts evaluated the MATIC price trend and made a continuation forecast. An analyst known by the alias of the altcoin Sherpa believes that if MATIC price stays above the 200-day Simple Moving Average, it could reverse its trend. FXStreet analysts, on the other hand, believe that the MATIC price could drop another 15 percent in response to geopolitical woes. Currently, MATIC is trading at $1.70, down 5.5 percent. In the last seven days, it has lost more than 10 percent.