160,000 Ethereum (ETH) sold through ICOs in 10 days: TrustNodes
A recent study by TrustNodes concluded that initial coin offerings (ICOs) in the last 30 days have sold three times the amount of Ethereum (ETH), the world's second most valuable cryptocurrency, that was sold in August.
A total of 160,000 ETH had been sold to the tune of $33 million, as per the token's value at the time of writing. The recent crash in prices, between September 4 and 5, massively affected the crypto market, with 82,000 ETH sold through ICOs on September 4, prior to the broader decline.
The month of August witnessed 1,000 to 5,000 per day in average daily ETH sales via ICOs, while some days saw around 10,000 ETH sold. However, September had more instances where 10,000 ETH were sold daily on an average, thereby increasing the overall trade volume.
In the last 30 days, over 283,000 ETH have been sold, which translated to $60 million, at the time of writing.
The TrustNodes study, citing crypto data firm Santiment, pointed out that the highest share of ETH sales from ICOs came from the Digix ICO project. Digix's paper value Ethereum holdings stood at $150 million, an amount that is significantly more than DigixDAO coin’s market capitalization of $69 million, data from CoinMarketCap showed.
Even as the collective market has been exhibiting bearish trends in the first week of September, Ethereum's price in particular has been going through a significant meltdown. Ethereum-based ICOs were the main reason for the decline in ETH prices, as the fear of a bearish market have forced projects to withdraw funds.
Ethereum was valued at just over $280 at the start of trading on September 5, after which it fell to as low as $225 by the early hours of September 4. Just a week later, the price plummeted further to $170 on Wednesday, its lowest level this year. However, the coin seems to be in a correction phase, with ETH gaining in the last three days, and is currently priced at $220.
To add to ETH’s current rise, its top competitor Bitcoin and other peers were jolted by the remarks of Sonny Singh, chief commercial officer at BitPay. According to him, altcoins “will never come back” to their previous levels. He further added that the bullish trend will only be supported by the introduction of crypto ETFs and they aren’t “going to launch altcoin products, they’re going to launch Bitcoin products.”
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