RATE Group | Ethereum Sell-Off in August Shows Crypto Has Hit a Bottom in 2018
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Ethereum Sell-Off in August Shows Crypto Has Hit a Bottom in 2018

10 Oct Ethereum Sell-Off in August Shows Crypto Has Hit a Bottom in 2018

Posted at 00:57h in Ethereum News by

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ethereum price bounce

According to cryptocurrency analyst Eric Thies, the crypto market may have hit a bottom in September as the price of Ethereum (ETH) declined by more than 50 percent.

Since delving below the $180 mark, ETH has since recovered to $230, likely due to the demonstration of massively oversold conditions by the market in late September.

ETH Enabled ICO Bubble, Which Led to Crypto Bubble

ethereum price chart
ETH/USD | Bitfinex

Throughout the third and fourth quarters of 2017, interest and demand for initial coin offering (ICO) projects hit an unprecedented level. Blockchain projects raised significantly more capital through token sales than from venture capital firms.

TechCrunch exclusively reported that ICOs raised 3.5x more capital than VC-backed startups in the blockchain sector. Jason Rowley wrote:

“Over the past 14 months, blockchain and related startups have raised nearly $1.3 billion in traditional venture capital rounds worldwide. But for the ICOs Crunchbase has captured, nearly $4.5 billion was…

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