BitMEX CEO: When ICOs return, Ether will test 200 USD mark

The year 2018 was almost completely characterized by a downward trend and the bear market for the crypto currency market. While the crypto market gained some stability last week, the signs of a bull run now seem to be rather low again. This is another reason why many crypto enthusiasts hope that 2019 will bring some good news that will lay the groundwork for a new run.

Laut Arthur Hayes, CEO of the Hong Kong-based BitMEX stock exchange, said the revival of Ethereum could be on the horizon. Remarkably, Hayes was not a great friend of Ethereum in the past and referred to ETH as “Shitcoin” and advised BitMEX investors to shorten it. In an interview with Cointelegraph Japan, however, he now said that ETH’s exchange rate could quickly return to $200 as new ICO projects come onto the market. Hayes told Cointelegraph:

As soon as there are new problems, Ether will aggressively regress. But when the ICO market returns, Ether will quickly test 200 USD. But the time of ICO rebirth will be 12 to 18 months.

Ethereum recorded a price decline of around 90 percent in 2018. The all-time high was USD 1,448.18 on 13 January 2018. In the course of the year, Ethereum lost some of its value more than other top crypto currencies and was thus replaced by XRP as the second largest crypto currency in terms of market capitalization. But now that the markets are showing some stability, Ethereum is moving around USD 130.

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The ICOs were instrumental in Ethereum’s performance this year and the fact that many ICO projects had to liquidate their ether inventories. At the moment, however, an ICO revival looks rather unlikely. So the hope is for 2019, which could be much more positive. Many industry observers predict a turnaround around the second quarter of next year and greater interest from institutional investors. This could be the catalyst for more ICOs, which could very quickly push the ETH price back up to USD 200.

Hayes also stated in the Intervoew that stablecoins and securities tokens will be very successful in 2019 before there will be an ICO revival.

securities tokens and stablecoins will prove to be an attractive offer for investors in 2019. While their fundamental raison d’être is flawed, at this difficult time investors will cling to everything they believe will be their ticket to simple wealth.