Over the course of the past 72-hours, Ethereum, the world’s second largest cryptocurrency by total market capitalization has once again found support around the $230 price point— with the premier digital asset currently trading at $229.40. As is visible from the chart below, early yesterday afternoon Ether was able to scale up to a relative high of $238 before dropping by $10 within a 10-hour timeframe.
New Study Reveal ‘Recent ICO Dump Did Not Cause Ether’s August Slump’
According to a new report released by BitMEX, it now appears as though most of the ICO projects that dumped their Ether holdings all through 2018 were able to sell as much Ethereum “as they were able to raise”. What this basically means is that these ICOs were able to make significant gains during the recent bear market that plagued the altcoin sector all through August (whilst not selling all of their ETH tokens).
However, after releasing this latest study, BitMEX did admit that owing to certain human oversight and error, their report did contain small factual errors and inaccuracies. As per a statement released via Twitter, the firm noted:
“As ever there are flaws in our analysis: We may have missed some ICOs, We may have wrongly assumed that Ethereum transferred out of a projects address cluster was sold, Many of the figures we provide are estimates. We apologize for any inaccuracies.”
Austrian Government Auction Could Spur ETH in an Upward Financial Direction
Another piece of news that is reportedly of much interest to the global crypto community is that of the Austrian finance ministry announcing its decision to auction off government bonds estimated to be around $1.35 Bln via ETH tokens. The live auction is set to commence tomorrow (October 2nd) and will be overseen by Austria’s Oesterreichische Kontrollbank.
It is being reported that the sale of bonds will be facilitated primarily through the use of blockchain technology, thereby ensuring that a high level of security and privacy is maintained at all times. Not only that, but this move will also bolster Austria’s position as a leader within today’s global crypto sector as well as improve investor in this market as a whole.
Final Take
As was reported by Cryptomode yesterday, Ether and Ripple were separated by a meager market cap difference of less than $0.6 Bln just 24 hours ago. However, in the intervening time period, Ether has once again made an impressive market push and now possesses a market cap of $23.2 Bln (as opposed to XRP’s $21.7 Bln).
ETH Price Chart Courtesy of Tradingview.com
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