Despite a bear market that has seen the price of Ethereum drop by over 80 percent since the start of the year, most projects that raised money via an ICO remain unaffected, according to the findings of a new report.
Bitmex, best known for a crypto trading service, claims to have crunched the numbers on over 200 of the biggest ICOs and found that, on average, most projects have already converted what they had raised in crypto into fiat currency. That’s not to say that they did so immediately or that 100 percent of the proceeds have been converted — many projects didn’t, and haven’t — but the general trend is that most have reaped the paper gains of their ICO without being stung by the crash.
One Ethereum — technically an ‘Ether,’ the crypto token associated with the Ethereum Foundation and the Ethereum Blockchain — was worth nearly $1,400 in January, a then record. That valuation has plunged during 2018, to the point that the cryptocurrency ducked below $200 during September, raising alarm among some in the community over its long-term sustainability.
It’s easy to assume,