Eric Thies: Ethereum Sell-Off Shows The End Of Bearish Trend For Bitcoin
In a series of tweets, UTR Equity’s crypto market commentator Eric Thies postulated that Bitcoin’s run to all-time price highs in December 2017 came as a result of Ether investment during the ICO phenomenon.
Since delving below the $180 mark, ETH has since recovered to $230, likely due to the demonstration of massively oversold conditions by the market in late September. When interest slowed, so too did prices begin to freefall — Bitcoin reaching lows below $5900 in February this year.
Bitcoin has declined from $12,000 to $6,000 in early February amidst a bear market, and Thies stated that the end of the capitulation of Bitcoin was when the dominant cryptocurrency consistently started to demonstrate a high level of stability at the $6,000 mark.
Thies claims that throughout the third and fourth quarters of 2017, interest and demand for initial coin offering (ICO) projects hit an unprecedented level. Blockchain projects raised significantly more capital through token sales than from venture capital firms.
Commentators across the cryptocurrency industry and beyond have long sought a narrative to accompany the continued ‘slow bleed’ performance of most assets this year.
Bitcoin prices have experienced several months of broad stability, at press time falling within 4 percent of values against the USD seen on the same date in July, August and September.