The market has sunk lower still as total market cap now sits at 322b, leaving many to wonder where it will bottom out. BTC and ETH are at 7330 (+0.2%) and 560 (-4.3%) respectively, a far cry from the seeming equilibriums they had at 9k and 700 a few weeks ago. The next price support is at 6700 but some analysts are predicting it could bottom out at ~5700.
Altcoins are largely in the red in the past 24h, particularly the top 30, but several speculative coins have performed well. These include MyBit Token (MYB +26.3%), AllSports (SOC +25.9%) and Polymath (POLY +7.1%)
While a lot of altcoins made moderate losses, none made exceptional losses. The 3 biggest losers of the last 24 hours were Fusion (FSN -13%), Substratum (SUB -8.6%) and Centrality (CENNZ -7.3%).
Insight of the Day: What is a reverse ICO?
As the crypto space develops, it is not only new projects that are vying to raise funds through ICOs. Existing companies are also keen to explore the possibility of raising further funds, either for growth or to paper over cash flow deficits. The suitability for reverse ICO is heavily dependant on one factor – the company’s proposed usage of blockchain. Most established firms will not have any organic use cases for blockchain and any proposed use case will feel tacked on just for the purposes of fundraising. These will not be successful ICOs. Instead, the companies that can successfully integrate blockchain into their current business tend to be tech companies. Telegram has seen huge ICO success, as has Kik. Seeing these successes, Kakao has also outlined plans to reverse ICO. Outside of messaging applications, there have not been any major success stories of reverse ICOs but this is likely to change as tech companies realize the mass utility of blockchain and also the benefits of raising capital whilst not giving up any ownership control.