Bittrex IEO sells out in 10 seconds on day alt season begins

03 Apr, 2019
Bittrex IEO sells out in 10 seconds on day alt season begins

While it appears that the crypto winter is behind us and alt season has kicked off, Bittrex launched their first IEO on what was probably the best day to do it. 

The Bittrex Initial Exchange Offering (IEO) for VeriBlock sold out in a matter of seconds following the opening of the IEO on Tuesday 2 April. The exchanges first IEO also happened to be on the day when the market saw a massive rally in cryptocurrency prices, volume and market cap across the board.

In what was one of the largest increases in price, volume and market cap seen in months, BTC rallied to $4,700 while other altcoins also saw impressive double figure gains, leading most to believe the crypto winter was over and alt season was upon us.

Read more: Kucoin announces first project to be launched on Spotlight

The IEO sellout time of 10.4 seconds saw 855 people bag 70 million $VBK for a total of $7m in BTC. Most people failed to get into the IEO and the sentiment was echoed across the Bittrex twitter post upon completion of the IEO.

While the success of the IEO was inevitable, following successful IEOs from Binance and Huobi, and with KuCoin expected to launch their first IEO this week as well, the craze for IEOs appears to mimic the Initial Coin Offering (ICO) schemes seen in 2017/2018.

With the current turn in market sentiment, the popularity of IEOs is likely to increase as quick profits can be expected from faster exchange listings.

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