In the last 10 days, Initial Coin Offering (ICO) projects have sold three times more Ethereum (ETH) than they did in August, according to a TrustNodes research published on September 13th.
The 160,000 Ethereum tokens sold on the market last day amount to $ 33 million, according to the price index at the time of printing. For TrustNodes, ICO projects sold 82,000 ETH on 4 September, followed by a sharp decline in cryptographic markets.
Daily sales of average ETH from ICO ranged from 1,000 to 5,000 coins in August, with occasional sales of around 10,000 ETHs. In contrast, the same amount of 10,000 ETHs became a daily sales volume much more frequent in September.
According to TrustNodes, the total amount of Ethereum sold by ICO in the last 30 days amounts to 283,000 ETH, which is almost $ 60 million at the time of printing.
Citing the Santiment cryptographic data provider, TrustNodes states that the highest share of ETH sales from ICOs is attributable to the DigiX ICO project. The paper value of Digix Ethereum's holdings amounted to $ 150,000 million, which is significantly higher than the current market capitalization of the DigixDAO currency, which is $ 69 million at the time of printing, according to Coinmarketcap
All & # 39 Earlier this week, Cointelegraph reported that funding for ICOs saw its worst decline in 16 months. In August, ICO start-ups raised $ 326 million, the smallest amount since May 2017.
Ethcoum-based ICOs have been outlined as the main factor in the recent decline in ETH prices, as some projects withdraw their funds to cover costs among concerns on a bear market. Today, Ethereum skyrocketed nearly 20% with an intraday peak of $ 214.18, after falling below $ 170 at the start of this week, its lowest point in 2018.
Even today , Sonny Singh, the CCO of the Bitpay global cryptographic payment processor, claimed that altcoins "will never return" to their previous levels. Singh said that institutions that add financial products like cryptographic ETFs will be the main drivers of an uptrend in the market and that "they will not launch altcoin products, but will launch Bitcoin products".