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ICOs Going for Mass Ethereum (ETH) Sales, Report

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Ethereum
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The amount of Ethereum (ETH) that is sold via ICOs has reached high rates, with over 100,000 ETH coins being sold in the last month alone.

Large ETH sales and movements detected

Ethereum (ETH) has seen a lot of action recently, with more than $40 million in ETH being liquidated in a period of a single month. This translates to almost 100,000 tokens, which are all sold through ICOs alone.

That is not exactly an isolated event either, and the firm called Santiment, that has been tracking various ICOs and collecting data has posted interesting results.

According to the data, a single project by the name of Atonomi managed to sell over 12,000 ETH coins by itself. An even more exciting thing is the fact that 9,000 of those coins were sold on a single day, July 26 of this year. This is the biggest ETH sale in the last 30 days.

The second biggest one came from AppCoins, which managed to sell 8,400 within 24 hours, which happened only a week ago, on August 9. In the same time, Openledger managed to sell around 5,400 ETH.

Next, we have Etheroll, which has been selling Ethereum coins throughout the year. However, it would seem that they moved around 5,400 coins around August 2nd, which is actually the highest amount that this project has handled at once since February.

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Last year, the firm called Status managed to set a record when it comes to ETH sales. They managed to sell over 30,000 ETH coins between August and October of last year.

While they sold only half of that this year (16,000 ETH), it is still a big deal, especially since 4,800 ETH coins were sold in the last 30 days alone. The list of projects that have had a significant impact on ETH movement goes on and on, and the result is that over 100,000 ETH has been sold or moved in the last 30 days.

ICOs are even cashing out

Of course, it should be remembered that this data doesn’t necessarily show the sales of ETH, but the amounts that are moved for whatever reason as well. So far, for example, Etheroll itself confirmed that they did not sell 5,400, but have instead migrated the coins to a new smart contract.

The biggest assumption here has been that moving ETH coins is the same as spending them. And, while this stands true in most cases, it doesn’t always have to be, as we can see in Etheroll’s example. Still, the sole fact that the coins are being moved at all is a pretty big hint that somehow something is about to happen to them.

Additionally, ever since ETH’s price started to go down, many ICOs decided to cut their losses and simply cash out. An unnamed ICO was recently reported to have raised around $30 million through a pretty decent roadmap. However, they did so when Ethereum’s price was sky-high. After it dropped, the ICO panicked and went for cash, which landed them only $4 million.

While the data is not detailed enough to point out the exact project that did this, there is enough evidence to prove that a lot of ICOs have done the same.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Anthony DELANOIX on Unsplash

Altcoins

Ripple XRP Mega Breakout: What’s Next?

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Ripple XRP mega breakout
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The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:

Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.

XRP is now sitting at .51704  as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.

Ripple XRP Mega Breakout

The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.

While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors…

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Altcoins

Litecoin Cash (LCC): The potential mover?

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Litecoin Cash
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Litecoin underwent a hard fork in the past, and that is what led to the creation of Litecoin Cash. Bitcoin has also experienced a hard fork, which has led to the creation of Bitcoin Cash, so this trend is not necessarily brand new.

Forks have occurred pretty often now in the cryptocurrency community, and the perception is that it probably will continue to, as long as the need (forks are often created to overcome issues faced by the originals) remains there.

While the market has been bearish for most of the year, it has been showing some definite signs of life, especially when we look at the kind of price action that has been happening with Ripple recently. Litecoin is also rising in anticipating of its hard fork, which is to be expected.

For those who are unaware, Litecoin Cash was created earlier this year. 10 Litecoin Cash was given to every investor who had 1 Litecoin – and that one move, it’s easy to see, was very massive concerning value.

Charlie Lee, the founder of Litecoin, has come out against LiteCoin Cash, calling it a scam. Many cryptocurrency influencers have come out against Litecoin cash, although there are still others that believe that this is only because the project threatens them.

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Altcoins

The Stage is Set for Stellar XLM vs XRP

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XLM vs XRP
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The digital asset of XRP, did something spectacular on the 18th of September when it shocked the crypto-markets by rising in value by 21%. In a time period that was less than 5 hours, XRP spiked from levels of $0.273 to those of $0.332 and has continued rising. The digital asset is currently valued at $0.36.

xRapid Factor

The reason for the sharp increment in value of XRP was news that the Ripple company was going to launch xRapid in the next month or so. This was after the firm’s head of Regulatory relations for Asia-Pacific and the Middle East, Sagar Sarabhai, made the following comments during a CNBC interview on the 17th of September:

“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”

Stellar’s Cross-Border Payments

The news of Ripple launching xRapid has come 2 weeks after the Stellar project and IBM, announced that they were entering the industry of cross-border payments through their new service known as IBM Blockchain World-Wire. The new payment settlement service has been quoted as being ‘near instant’ meaning that it will probably rival the transactions time seen in the xRapid pilot tests of 2 – 3 minutes earlier on in the year.

Stellar Acquiring Chain

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