The latest drop in the crypto markets has lead to an increase in bitcoin’s market share. Today, bitcoin accounts for almost 60 percent of the cryptocurrency’s total market capitalization, according to Coinmarketcap.
The price of ethereum has fallen drastically lately. It has been speculated that the decline in price may be due to reduced interest in ICOs and that several of the ICO projects have sold large amounts of the ethereum they raised in their ICO.
ICOs have spent over $30 million worth of ETH this week (153,500 ETH).
This is more than any week since March 2018. The scary part? These ICOs still have over $600,000,000 worth of treasury ETH in their accounts (3,000,000+ ETH). Will they sell? Will they hold? 🤷♂️ pic.twitter.com/DlGGziEBAZ — Kevin Rooke (@kerooke) 11 september 2018
According to data from Diar, the ICO companies still hold 38 percent of the ethereum they have raised. The other 62 percent of the funds have either been moved or sold.
Something that is important to remember is that only because the funds have been moved does not necessarily mean that they have also been sold. In addition, the ICO projects also have ongoing operating expenses that must be covered with the raised funds, something that CCN points out.
Red numbers
The biggest cryptocurrencies show red numbers. The currencies among the biggest ones that lost the most were ethereum (-12,23%) and bitcoin cash (-11,14%).
The cryptocurrencies on top 100 that performed the best were erc20 (+165,31%) and genesis vision (+19,12%), and the ones that lost the most were aurora (-29,09%) and nexty (-22,69%).
| Asset: | Price: | % (24h)* |
| Bitcoin | $6 279,01 | -1,23% |
| Ethereum | $171,22 | –12,23% |
| Xrp | $0,25669 | –4,40% |
| Bitcoin cash | $418,25 | –11,14% |
| Eos | $4,82 | –4,15% |
*All numbers in this article are from Coinmarketcap.com.
