Altcoin markets are witnessing upheaval September 11 as Ethereum (ETH) sees major sell-offs from ICOs and Dogecoin generates altcoins’ second-biggest transaction volumes.
Dogecoin ‘Envy Of The Crypto World’
Data uploaded to Twitter by cryptocurrency researcher Kevin Rooke shows the abrupt rise of DOGE [coin_price coin=dogecoin] after developers released the coin’s long-awaited Ethereum bridge beta September 5.
By adjusted 24-hour transaction volume, the whimsical asset beat every other except Bitcoin and Ethereum.
Compared to other major altcoins, volume was orders of magnitude larger: three times that of Bitcoin Cash (BCH)[coin_price coin=bitcoin-cash], eight times Litecoin (LTC) [coin_price coin=litecoin] and thirteen times Dash (DASH) [coin_price coin=dash].
“Dogecoin may have started as a joke, but their community is now the envy of the crypto world,” Rooke commented.
DOGE is set to benefit from a raft of new features thanks to the network bridge with Ethereum, the original announcement of the plan causing much intrigue when it hit the news earlier this year.
For Ether meanwhile, price woes continue. Having slid below $200 to see lows not witnessed since July 2017, pressure on the largest altcoin is being compounded by a rapid increase in selling from ICO projects which accrued huge amounts of it over the past year.
This week alone, ICOs have spent over $30 million in ETH, Rooke notes, marking a six-month high.
“These ICOs still have over $600,000,000 worth of treasury ETH in their accounts (3,000,000+ ETH),” he added.
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) September 11, 2018
Bearish warnings over Ethereum as a network had surfaced several months previously, Bitcoinist reporting on Tetras Capital’s ‘Bearish Thesis’ painted a bleak outlook going forward this July.
“The recent decline in ETH’s price suggests that the speculation that drove it to new heights over the past year is exhausting,” the company wrote.
Just as ETH benefited from irrational exuberance, it will inevitably suffer further as the market sobers up.
What do you think about Dogecoin and Ether’s performance? Let us know in the comments below!
Images courtesy of Shutterstock, Twitter