Cryptocurrency
These 5 Factors Suggest Demand for Ethereum Could Set a New High
As reported by NewsBTC, “In 2018, Ethereum rallied as high as ~$1,430 on the back of an influx of demand caused by the then-ongoing initial coin offering (ICO) boom. “ICOs had to raise money, and ICOs often raised money so through ETH — a widely-adopted, well-known, and easily-accessible cryptocurrency. Hence, the demand for Ethereum spiked as […]
As reported by NewsBTC, “In 2018, Ethereum rallied as high as ~$1,430 on the back of an influx of demand caused by the then-ongoing initial coin offering (ICO) boom.
“ICOs had to raise money, and ICOs often raised money so through ETH — a widely-adopted, well-known, and easily-accessible cryptocurrency. Hence, the demand for Ethereum spiked as investors began to speculate they could multiply their Ethereum by trying their hand at early-stage crypto startups.
“With ICOs now bust, one of the cryptocurrency’s biggest demand drivers is gone. Avi Felman of BlockTower Capital recently went as far as to brand the all-time high price ETH reached a ‘red herring,’ citing the unique and now-defunct dynamic that pushed the asset higher…”