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2018 proved to be the worst year for Ethereum as the currency was trading at $ 1400 at the start of the year and destroyed by around 92%, trading only a few points above $ 100. The main reason for the fall of Ethereum is the sale of consumer products by ICO which have continued to reduce the price of Eth throughout the year.
The ICO selloff in November
November was the worst month of the year for the cryptocurrency market which brought down the most important cryptocurrency; bitcoin down from about $ 6500 to about $ 3500. The price of Ethereum at the start of the month was around $ 200, which fell to around $ 104 in November this year. Not only has the price of Ethereum declined, but also the market capitalization of Ethereum has fallen to a large extent by turning it into a third cryptocurrency by market capitalization after having maintained the second stage for a long period.
According to reports, about 170,000 ETHs were withdrawn from the ICO portfolios in November, which amount to nearly $ 20 million in worse sales of Ethereum (according to the current price). The ICO selloff was caused by the sudden panic created in the market due to the fear created among the ICO owners that the price could even fall further below the $ 100 range.
According to reports, the most important point to note is that only about 20% of ICO has sold their holdings to ETH, which states that 80% of ICO still holds Ethereum, which should be a part of the next major selloff that could bring double-digit price.
The ICOs who raised about $ 100 million for ETH in January this year have remained with around ETH 8 million dollars. What is there for ETH? What do you think? Tell us in the comments section below.
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