This year has been a rough for more cryptocurrencies but some have fared worse than others. Ethereum is one of those heavy sufferers that has lost over 90% since its peak almost a year ago.
According to Arthur Hayes, CEO of Hong Kong based BitMEX, the revival of Ethereum could be just around the corner. Speaking to Cointelegraph Japan he said ETH could quickly return to $ 200 ounces new ICO projects start hitting the markets.
According to Sludgefeed which translated the article, Hayes added;
"Once there are new issues, then Ether will be rebound aggressively. When the ICO market returns, Ether will quickly test $ 200. The timing of the ICO rebirth is 12 to 18 months out, "
It is not the only thing that can be said to be that of a "shitcoin".
ICOs have been widely responsible for this year's performance and the fact that it has been outperformed by a number of other crypto assets including Bitcoin, XRP and TRON which have recovered faster. It is warrants that ICO war is now empty. December has seen the highest number of ETH withdrawals this year.
I'm looking forward to seeing you but I'm going to be more positive for crypto than this year has been. Many industry observers have slated to reversal around Q2 next year This could be the best ICOs which would drive Ethereum prices back to $ 200 very quickly.
At the time of writing Ethereum is trading at $ 128, down 4.6% on the day. Daily trade volume has dropped from $ 3 billion to $ 2.5 as the Christmas rally runs out of steam and starts to reverse the short term trend.
Over the past seven days Ethereum is still up 26% from the $ 100 it was priced at this time last Thursday according to coinmarketcap.com. Since its 2018 low of around $ 83 on December 15
In terms of market capitalization it currently has $ 13.4 billion, which is still nearly $ 2 billion behind XRP in second place. Ethereum has a long way to go to recover and any catalyst is welcome at the moment.