RATE Group | ICOs Being Blamed for Ethereum (ETH) Sinking Price
38863
wp-singular,post-template-default,single,single-post,postid-38863,single-format-standard,wp-theme-bridge,wp-child-theme-bridge-child,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

ICOs Being Blamed for Ethereum (ETH) Sinking Price

15 Aug ICOs Being Blamed for Ethereum (ETH) Sinking Price

Posted at 06:10h in Ethereum News by

[ad_1]

Ethereum (ETH)–After a 16 percent decline in value over 24 hours, the price of Ethereum sunk to its lowest point in nearly a year. Trading a $265 as of writing, the second largest cryptocurrency by market capitalization has completely retraced the gains made following the beginning of the year’s massive bull run. While some have pointed to the overall state of the cryptomarkets as being bloated and unhealthy, with altcoins across the board experiencing double digit losses on the week, the head of crypto hedge fund BloomWater Capital is placing the blame on ICOs cashing out.

As Bloomberg points out, the massive number of ICOs being built on the Ethereum blockchain was the primary catalyst for Ether’s price gain throughout last year, in addition to the significant amount of development interest it generated. Now, the very same usability is leading to price decline that is outpacing Bitcoin, as investors who were previously purchasing ETH to participate in Initial Coin Offerings…

[ad_2]

Source link