TrustNodes Crypto Reserach: 160,000 ETH from ICOs Were Sold in 10 Days, Causing Ethereum Price Fall?
ICOs Sold 160,000 Ethereum in the Last 10 Days, TrustNodes Says
According to a research conducted by TrustNodes, Initial Coin Offerings (ICOs) have sold three times more Ethereum compared to August. Over the past few days alone, the research pointed out that about 160,000 Ethereum tokens were sold, amounting to around $33 million. The ICO projects sold about 82,000 on September 4, something that led to a sharp decline in Ethereum and the cryptocurrency market in general.
The average Ethereum sales per day by the ICOs varied from around 1,000 ETH to 5,000 ETH in the month of August, with about 10,000 ETH in occasional sales. When it came to the first few days of September, the same amount of 10,000 ETH became a more common daily sale volume, according to the research.
TrustNodes puts the total amount of ETH sold by ICOs over the last 30 days to around 283,000 ETH, which amounts to around $60 million.
Digix ICO Accounted for The Highest Share of ETH Sales
TrustNodes also stated that the highest share of Ethereum sales from ICOs were from Digix ICO project, which amounted to around $150 million, an amount that’s higher than the market cap of DigixDAO coin, which is around $69 million, as of this writing.
Earlier in the week, reports stated that ICO funding has experienced its biggest decline in 16 months, with August recording the smallest amount of $326 million since May 2017.
Massive Ethereum Sell-off Attributed to Recent ETH Price Struggles
The massive sell-off of Ethereum has affected the price of the coin significantly. As many projects withdrew their funds to cover their costs amid concerns that a bearish market would continue, the price of Ethereum plunged to a record low, trading below $170 – it’s lowest since July 2017.
However, Ethereum has since skyrocketed, recording a massive growth of 20% to trade at $215, according to CoinMarketCap.