Once the ICO market returns, Ethereum ‘Will quickly test $200’, BitMex CEO says

26 Dec, 2018
by Joeri Cant
Ethereum
Once the ICO market returns, Ethereum ‘Will quickly test $200’, BitMex CEO says

According to Cointelegraph.com, Bitmex CEO Arthur Hayes recently declared that the price of Ethereum will 'rebound aggressively' once the ICO market will return in 12 to 18 months.

Hayes told Cointelegraph Japan that the main use case for Ethereum is to use its blockchain network to launch ICOs. Hayes pointed out that the ICO market currently is dead right now, but that it will likely return within 12 to 18 months.

As Chepicap previously reported, Hayes called Ethereum a 'double digit shitcoin' as its price had mostly been pumped by speculative venture capitalists and ICO projects.

Hayes added that companies and inexperienced investors that invested in the cryptocurrency would likely dump their holdings as they would not be able to stomach more losses.

'At a certain point, they go "fuck it", and dump everything they can.' Hayes said.

Read more: Ethereum one step closer to 1 million transactions per second

The price of Ethereum since then, did indeed drop below $100 as Hayes predicted it would, even though it has now slightly recovered and the token is trading at around $130.

Hayes also went on to predict that stablecoins will be dominating the crypto markets before the ICO market comes back.

'Security tokens and stablecoins will prove attractive sirens for investors in 2019. While their fundamental raison d'etre is flawed, investors in this time of pain will latch onto anything they believe will be their ticket to easy riches.'

Read more: Ether is a 'double digit shitcoin' according to Bitmex CEO Arthur Hayes, The CEO of BitMex dedicated an entire newsletter to badmouth Ethereum

Ethereum is currently trading at a price point of $131, with a market cap of $13.6 billion, up 0.27% in the past 24 hours, according to coinmarketcap.com.

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