On Sunday, September 9, 2018, ETH prices fell to this year's lowest at US $ 185. Although ETH has bounced above US $ 200 after the Bitcoin recovery from US $ 6190 to US $ 6450, since July ETH prices have declined faster than other crypto, as reported by CCN.com.
At the end of 2017, the ETH price broke through US $ 1500 and investors of ERC20 tokens using the Ethereum protocol made a profit of 10 to 100 times the initial price of their initial coin offering (ICO). Investors tokens like EOS, Ontology, ICON, Zilliqa, and 0x get massive profits at the end of 2017, when the crypto market is at its peak.
However, over the past few months, the price of ERC20 tokens has fallen in price compared to Bitcoin, which also experienced a price decline of 70% against the US dollar. Ontology and ICON have decreased by 75 to 80% against Bitcoin, which means both of these tokens have dropped by more than 95% against the dollar.
Most analysts say the decline in ETH prices is due to the many ERC20 blockchain projects that sell their ETH. These projects raised millions of dollars in ETH funds at the time of their sales token.
When ETH prices began to fall and the crypto market began to enter a bear market, analysts said that ERC20 projects began selling their ETH deposits, causing ETH to fall in value compared to other large crypto.
It is quite evident that the ERC20 project which panicked selling large quantities of ETH had a large share of the price causing ETH prices to continue to decline. Earlier this week, Joey Krug, creator of Augur, a blockchain for predictive market protocols built on Ethereum, responded to some criticism from crypto community investors about Augur's decision to sell ETH at a value of US $ 0.7 to get cash for business operations they.