IMMLA CEO Kirill Tulenev speaking about causes of ETH falling.
St. Petersburg, Russia -- (ReleaseWire) -- 07/18/2017 --Anyone following the cryptocurrency market over the past few months has seen the impressive rise and pretty striking fall of the Ether price. For the month from June 17 to July 17 there was a Eth/$ rate reduction of 55%. The reason for this decline is quite significant sales in order to withdraw fiat money from newly completed ICOs.
Only in June there were 34 ICOs, during which were raised $567.4 million. On average, each project has development costs of about $ 2 million / year. We believe that the market was ejected Eths at a volume of $ 68 million, to which were added the volumes of miners, traders, and other participants who do not believe in the long-term future of Ethereum and other cryptocurrencies.
For today, indeed, the technological advantage of Etherium is not refutable. Although, in the opinion of IMMLA team, the IOTA blockchain model can become more effective and reliable in the near future.
We also envisaged a plan of action in the event of an even stronger supply of Eth. Also, about 20% of our agreements on payments with developers and marketers are expressed in Eth. We do not doubt that in the near future, the Etherium will cost more, especially considering the stage of the economic cycle and the volume of planned ICO's.
At the same time, for investors in the IML token, a temporary decrease in the cost of Eth allows to invest at a more favorable rate.
Kirill Tulenev, IMMLA CEO