Ethereum ‘Will Test $200’ After ICO Market Returns BitMEX CEO Declares

ethereum ecosystem

According to reports making rounds in the crypto space, Arthur Hayes the CEO of BitMEX declared that Initial coin offerings will return in “18 months” and the Ethereum (ETH) Blockchain will “rebound aggressively to test the $200 level.” He made the declaration today on Dec. 26 Smartereum understands. BitMEX is a Hong Kong-based digital asset trading platform that has gradually placed itself as one of the largest exchanges around the globe by volume.

A Return For Dead ICO Markets

Hayes while speaking in an interview forecasted a return for the already dead ICO markets as he puts it. In his words: “Ether’s use case is basically the Initial Coin Offering market. Right now the ICO market is dead. However, once there are fresh issues, the Ethereum (ETH) price will rebound aggressively to mark a strong return for the ICO markets. When the Initial Coin Offering markets return, the Ethereum (ETH) price the $200 high. And I expect the ICO rebirth to occur in the next 12-18 months.”

The BitMEX CEO expects ICO markets to be fully back after a torrid year in 12 to 18 months which will also trigger top coins like Ethereum (ETH), XRP and Bitcoin (BTC) into gaining traction in large quantities.

Hayes’ Remarks Mark A Rare Period Of Stability In The Digital Asset Market

Hayes comments come after a now rare period of stability across the crypto asset markets, with the ETH/USD price staying range bound in 1% of $129 after it doubled in only one week. As one of the top digital asset performers for the short term, Ethereum (ETH) has seen losses of about 90% in 2018. Hayes, however, expects that digital coins will have their time maintaining stability in the limelight before the Initial Coin Offering markets will initiate a resurgence. According to the CEO of the Hong Kong-based cryptocurrency trading platform:

“Stablecoins and security tokens will prove to be attractive sirens for a number of investors in the new year. While their fundamental is flawed, investors this time around will latch onto anything they see as their ticket to making quick riches.”

Ethereum (ETH) Price Today – ETH / USD [ccpw id=”10762″]

Despite his bullish stance on many issues in the crypto space, Hayes failed to elaborate on whether or not the ICO market will implode as was the case in 2017.

Hayes: Bitcoin (BTC) Will Have A Small Trading Corridor For 2019

As for the top digital asset by market cap Bitcoin (BTC), the BitMEX CEO suggested that the cryptocurrency will see a small trading corridor for the coming year between $1,000 to $10,000. However, a number of sources in the space have argued that institutional investors will be engaging Bitcoin (BTC) through new financial instruments and this will ensure that the price of the digital asset goes much higher next year. We can also recall from a report given in the past weekend that the CEO of (dApp development platform) TRON (TRX) Justin Sun, declared that Ethereum is slowly imploding. Going forward, we have to wait to see if these predictions will come true as we go into the new year.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.