The last 7 days has seen a lot of mixed fortunes for the crypto market with the heavyweight leaders trading in the red territories a ripple effect that has cascaded to the altcoins. This saw Bitcoin (BTC market dominance slip past the 57% mark with Ethereum (ETH) hitting this years’ all-time low of $172 on September 12.
However, the last 24 hours have seen the coin gains start a strong buildup pushing the coin to hit a high of $222.96 after fighting a low of 206.37. The same period has seen the coin market cap climb from yesterday’s low of 19billion to 21billion. ETH remains unstable and the time of filling this report, it had registered gains of 8.57% and 8.11% to the dollar and Bitcoin respectively to trade at $206.79.
ICO and Startups Continue to Dump Ethereum
The current Ethereum woes might take a while to resolve but the ICO dump could have a far reaching implications on the coins performance in the future. ICOs have managed to dup over $54million in just one month in the run up to the ETH price crash and the reasons surrounding the migration cannot be resolved overnight.
However, Ether is setting its eyes on the $275 threshold holding all market forces constant. The last 24 hour turn around for the coin has showed the short term potential; a performance that has seen it become the market leader among the top 10 valuable coins in the market. The recovery from the recent market crack has added to Ethereum loss streak of over 78% since January.
Migration to Shiny Platforms from Ethereum
As much as observers would like to point their fingers on ICO and startup migration from the Ethereum ecosystems to newer outfits, the platform does not have any special immunity to the current market regulations and the competing platforms are still facing the same dilemma.
Ethereum has been the ICO launch hub and these had become the backbone of the entire ecosystem and a way out of the over reliance for Ethereum on these pro project could turn around its fortunes. The platform instability has only been tested and the massive sale by startups focused on raising funds and cashing out seems to have exposed Ethereum underbelly.
According to Trustnode recent report, a total of 300,000 ETH changed hands in a single month and the number triple in August. The figure is huge enough to send the ETH price tumbling resulting in investors seeking their exit and moving on to platforms with better value proposition offerings.
Ethereum $1Billion Trade Boost
The last five days have seen ETH receive an influx of trades to the tune of $1bilion which is seen as catalyst to the current price surge. Most of the trades gained entry through the ETH/USDT and ETH/USD pairs. However, the increased USD trades have raised questions of whether the ICO exit funds could be used to enter the ecosystem through trades. However, that notwithstanding, the panic in the market appears to be easing of and a bull run coils be in the offing given that the recovery spans across the entire crypto verse.
Ethereum (ETH) Market Influence
With the investor panic easing off, the ETH influence in the market has come to play and the gaining of the current ground is based on the community trust and confidence. With many altcoins having their roots on the ecosystem, a further drop in price would have had some negative effects on several ecosystems in the market.
The Ethereum ecosystem supports more than 90% off all blockchain projects and with the onset of the Lighting Network and a whole lot of new features, the future of Ethereum is very bright. It is just a matter of time before its full potential comes to the fore.