After a financial drought which lasted nearly a fortnight, the crypto sector as a whole seems to have made an impressive recovery— with the price of ETH rising by nearly 18% within the span of just 24 hours.
At press time, the second largest cryptocurrency by total market capitalization is trading at $219.90, a price point that is nearly $45 higher than what the currency was being sold at just 24 hours back.
Confirmed: ICO’s Sold 160,000 Ether Over Past 10 Days
As was reported by Cryptomode earlier this week, Ether’s recent poor market showing was largely attributed to a massive ICO sell-off which saw the value of ETH plummet to a 16-month low of around $170.
However, these stories were largely unconfirmed and thus many analysts dismissed them by saying that these reports were merely a means of ‘consoling investors’ who had lost a lot of money in the crypto market.
With that being said, Trustnodes has just released a research study which clearly shows that over the course of the past few days, over 160,000 Ethereum tokens (which roughly translate to $30+ Million) were sold by different ICO projects in an attempt to secure more “valuable fiat pairs”. To be even more specific, a number of ICO’s dumped 82,000 ETH on September 4, which then caused the crypto sector as a whole to commence its downward spiral.
With the premier crypto asset now over the $200 mark, the aim now seems to be to cross the $274 threshold– which if achieved will once again instill a lot of investor confidence in the currency.
With that being said, the ETH/USD pair is currently tethered by the $200 support line, which means that the coming few days could possibly see the currency slip below the $190 mark once again.
The past 24 hours have been good for the crypto sector, with the total market capitalization of all the altcoins available today rising from $191 Bln on September 12 to a more respectable $204 Bln (at press time).
However, what the coming days and weeks have in store for this nascent space is anyone’s guess.
CryptoMode produces high quality content for cryptocurrency companies. We have provided brand exposure for dozens of companies to date, and you can be one of them. All of our clients appreciate our value/pricing ratio. Contact us if you have any questions: [email protected] None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. No reviews should be taken at face value, always conduct your research before making financial commitments.