Ethereum Consolidates Newly-Won Growth as Wider Crypto Market Falters

[kittyho101]

Friday, September 14: After yesterday’s bullish upswing, crypto markets have today been hit with widely-dispersed corrections. Ethereum (ETH) is today’s most resilient large-market-cap altcoin, seeing the most notable growth on the day among the top twenty cryptoassets, as data from Coin360 shows.
After soaring 18 percent on the day yesterday, September 13 – and peaking as high as $223 during early trading hours today – Ethereum has seen a tempering downwards, before regaining some losses in the hours before press time.

At its current $214 price point, the top alt has sealed a solid almost 4 percent of growth on the day.

Even as Ethereum sees a bullish couple of days on the markets, fresh research from TrustNodes has revealed data that may account for the top alt’s middle-term price weakness.

According to TrustNodes, in the 10 days leading up to September 13, Initial Coin Offering (ICO) projects have sold three times more ETH than they did in August, with major implications for price performance.

Ethereum remains down almost 9 percent on its weekly chart, but has significantly closed down its losses on the month, which are now at 26.3 percent.
Having reclaimed the $6,500 mark yesterday, Bitcoin (BTC) is trading just slightly down today at  $6,480 as of press time, seeing a negligible percentage loss over the 24 hour period. The leading crypto briefly tumbled back to $6,430, shedding $150 in value in a narrow two-hour time window earlier today, after trading as high as $6,580. Bitcoin has since bounded upwards in a jagged recovery in the hours before press time.

On the week, Bitcoin is just about breaking even, with monthly gains at a solid 3.67 percent.
Among the other top ten coins on CoinMarketCap, virtually all cryptoassets are seeing mild losses on the day, mostly capped below 2.5 percent. The only alt to have shed fractionally more is Stellar (XLM), ranked 6th, which is down 3.22 percent to trade at around $0.20 at press time.

Litecoin (LTC) and Monero (XMR) are the only top ten coins aside from Ethereum to see any growth, but only just, both up under 2 percent on the day to press time.

Among the top twenty coins by market cap, Dogecoin (DOGE), ranked 20th, has seen the heftiest losses, down 5.5 percent on the day. DOGE notably saw relatively lacklustre growth yesterday, as the wider market soared, but is still significantly up on its monthly chart after a vertiginous price hike in early September.

[bob3772]

According to TrustNodes, in the 10 days leading up to September 13, Initial Coin Offering (ICO) projects have sold three times more ETH than they did in August, with major implications for price performance.

I believe this to be the number one thing behind the ETH price fall. ICOs still hold so much ETH that ETH is so vulnerable to such sell offs. This has always been an issue however with Ethereum, so much of the demand is because of ICOs but once that dries up there's only downward pressure from already conducted ICOs that need fiat to work on their projects. Until some of these ICOs deliver and have a consistent demand for their tokens and therefore a constant demand for ether this issue will always exist.

[waveswallet]

Thank you for the news. The statistics of these data allow us to quickly see the status of some markets. Maybe the market will not be good in the near future. What do you think?

[Iykecollins]

Despite the huge fall in eth, it still retains its position as the number two on the market cap, the huge fall is nevertheless as a result of massive sell of from large holders and maybe developers, and the last year pump started from around current value last year, with eth wide circulation, it will in time get more stable like btc

[Classica35]

One thing that keeps amazing me is that eth has proven and is still proving that it is the best altcoin. Although, the present situation in the market has thought me a pot of lessons. So i know the best coin to invest in at every point in time.

[bob3772]

One thing that keeps amazing me is that eth has proven and is still proving that it is the best altcoin. Although, the present situation in the market has thought me a pot of lessons. So i know the best coin to invest in at every point in time.

That's simply not possible, if you knew the best coin to invest in at every point in time you'd be a billionaire by now. You can only speculate on which coin is best and if you're skilled you'll more often than not make a good pick but it won't always be the best.

[GreotDollyce]

Even though ETH is still falling and took a drastic dip, it is still the second best coin after BTC. Although people are assuming that Litecoin will take the second place instead, but that is yet to come.