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Ethereum [ETH] ICOs have already sold almost as much they raised, says BitMEX research

Priyamvada Singh

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Ethereum [ETH] ICOs have already sold almost as much they raised, says BitMEX research
Source: Pixabay

On 1st October, BitMEX Research released a report which focused on tracking Ethereum [ETH] balances of the ICO projects over time. Here, the research implied that the ICOs have already sold almost as much as they raised initially in USD.

The ETH ICO balance details | Source: BitMEX Research

The ETH ICO balance details | Source: BitMEX Research

The report stated that the ICOs have already made about $127 million in profits by selling ETH at a higher price than when it was raised. Furthermore, the ICOs are expected to make $93 million more, despite the 85% fall in the value of Ethereum from the peak. BitMEX also showed a chart where many ICOs sold their ETH when the price was higher than the present price.

In the report, BitMEX also displayed a chart where it showed the top 20 ICO projects ranked by their net gains as a result of ETH’s price change. The lowest gain was made by Aventus while the largest gainer in the scenario was Filecoin. Some of the other ICOs involved are EOS, Golem, DigixDAO, Basic Attention Token, among others.

ICOs with highest net gains | Source: BitMEX Research

ICOs with highest net gains | Source: BitMEX Research

BitMEX on its Twitter stated:



“FIlecoin has the largest net gain, resulting from Ethereum which may have already been sold”

The charts also included the information on the projects that underwent the largest net losses from holding ETH. Some of the names on this chart were Sirin Labs, ETHLend, Bloom, Fusion, Status, Polkadot, Herocoin, Electrify.

On Twitter, BitMEX also admitted that the research could be slightly flawed since it may have missed few ICOs and many of the figures provided by the report are estimates. The official social media handle also read:

“We may have wrongly assumed that Ethereum transferred out of a projects address cluster was sold”





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Bitcoin

Bitcoin Dominance Index [BDI] falls short of Bletchley Ethereum Token Index [BETI] in 2019

Biraajmaan Tamuly

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Bitcoin Dominance Index [BDI] outperformed by Index based on the Ethereum blockchain in 2019
Source: Pixabay

One of the key factors which is often used to represent or indicate the potential of a particular cryptocurrency’s growth is its market capitalization. When the market capitalization of a coin or token showcases a positive hike, it usually has a positive impact on that particular asset’s market.

According to LongHash, the Bitcoin Dominance Index [BDI], which is used to measure Bitcoin’s market cap had been the dominant index since the beginning of 2019. It was observed that the BDI improved from 53 percent to 58 percent over the past few weeks after the largest crypto-asset underwent multiple price hikes.

XRP, which dominated Bitcoin by 1,600% back in 2017 on cryptocurrency exchange Bittrex in 2017, was currently down by almost 50% against Bitcoin in 2019. Ethereum [ETH] fared better comparatively, but was still down by 14% against the Bitcoin.

However, the Bletchley Ethereum Token, a token built on top of Ethereum, seemed to have outperformed Bitcoin this year.

The Bletchley Ethereum Token Index [BETI] can be utilized by investors for their allocation to tokens placed on top of the Ethereum blockchain. However, it should be noted that Ethereum is not a part of the index as it is an independent entity. The BETI is a weighted index, which means that the tokens with dominant market caps will take up a larger part of the index and the re-balance will take place at the end of a particular month.

For example, Tron [TRX] and Binance Coin [BNB] currently take up more than half of the BETI’s Weighted Index. Since the launch of their DEX, BNB has enjoyed a lucrative year with multiple hikes bringing the coin to $30 from under $6. Tron also witnessed major growth in market cap as it was up by 40% in comparison to the US dollar.



However, it is important to note that the major tokens on the BETI’s weighted index have all launched their own blockchain, at press time. Hence, it can indicate that the dominance enjoyed by BETI over the BDI over the last few months could point to a situation where the Ethereum blockchain was preferred for the launch of various tokens.

Despite the aforementioned reason, it is safe to state that Bitcoin was not the only entity which dominated the crypto-space this year.





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