In the previous 10 days, Initial Coin Offering (ICO) projects have sold three times more Ethereum (ETH) than they did in August, as indicated by a research conducted by TrustNodes published September 13.
The 160,000 Ethereum tokens sold over the past recent days which adds up to $33 million, as per the price index at press time. Per TrustNodes, ICO projects sold 82,000 ETH on September 4, which was trailed by a sharp decrease in crypto markets.
Average Daily ETH sales from ICOs shifted from 1,000 to 5,000 coins in August, with occasional sales around 10,000 ETH. Conversely, a similar measure of 10,000 ETH turned into a common daily sales volume in September.
As indicated by TrustNodes, the total sum of Ethereum sold by ICOs in the course of recent days presently sums to 283,000 ETH, which is nearly $60 million at press time.
Referring to crypto information supplier Santiment, TrustNodes states that the most elevated offer of ETH deals from ICOs is attributable to the Digix ICO project. Digix’s paper value Ethereum property added up to $150,000 million, which is essentially higher than the present total market capitalization of DigixDAO coin, which is $69 million at press time, as indicated by CoinMarketCap.
Recently, Cointelegraph announced that funding for ICOs has seen its hardest decrease in 16 months. In August, ICO new businesses raised $326 million, the littlest sum since May 2017.
Ethereum-based ICOs have been sketched out as the primary factor at the recent ETH price decrease, as a few tasks pull back their assets to take care of expenses in the midst of concerns over a bearish market. Today, Ethereum soar just about 20 percent with an intraday high of $214.18, after plunging beneath $170 prior this week, its most minimal point in 2018.
Today, Sonny Singh, the CCO of global crypto payment processor Bitpay, argued that altcoins “will never come back” to their past levels. Singh said that foundations including financial items like crypto ETFs will be the fundamental drivers of a bullish trend in the market and they are “not going to launch altcoin products, they’re going to launch Bitcoin products.”