Ethereum Remains The Preferred Platform For ICO Launches
Other networks like Stellar are struggling to catch up with ethereum. This year is among the worst for cryptocurrencies.
Stellar, NEO Trail Ethereum in ICOs
The year 2018 has witnessed a decline in the number of ICO launches. A look at the cryptos involved in ICOs, ethereum appears to be dominating. The second largest cryptocurrency is accounting for 85% of the total with Stellar and NEO left choking on its dust. Official data indicates that ethereum is enjoying a monopoly. About 80% of ICOs unveiled during the third quarter of this year did not get close to unsettling ethereum as the preferred ICO network.
A recently released report shows that the market majorly depends on the ERC20 token which has supported a majority of the most successful ICOs. At the same time, other platforms are witnessing an increase in the number of ICOs being unveiled. The future looks promising for many networks despite there being a big difference between ethereum and Stellar.
The Huge Gap Between Ethereum and Stellar
During the period being reviewed, 6.5% of all of the 193 ICOs released were supported by Stellar. For NEO, the figure stood at 3.6% of the total ICO share. Notably, NEM witnessed an increase in the number of ICOs launched under its platform to stand at 2.4%. NEM is known to offer fast transaction speeds. On the other hand, EOS seems to be stagnant with just a single ICO released.
Generally, the ICO sector has been declining from month to month. The decline is related to a crypto market that has plunged for the better part of 2018. The drop in prices continued even in the third quarter of 2018.
Data provided by CoinGecko shows that trading in terms of volume has been on a steady rise. The rise is being recorded even with a decline in prices. The increase in trading volumes means that the top five cryptos are more valuable compared to a year ago.
Ethereum Maintains Market Cap
The report shows that ethereum has dropped by 22% something attributed to the decline in ICOs. A look at 388 ICOs issued in the third quarter of 2018 only 193 were a success. Over the last 24 hours, ethereum’s market cap stood at $20.65 billion while the daily trading volume was at $1.4 billion.