Co-founder and CEO of BitMEX Arthur Hayes, recently declared that the price of Ethereum will 'rebound aggressively' once the ICO market will return in 12 to 18 months.
According to Hayes, Ethereum’s use case are mostly ICOs. Unfortunately, the market died out in 2018, so Ethereum was hit hard by this. He believes that a rebirth of the market is due and that it will happen in 12 to 18 months. This means that, if not at the end of 2019, certainly in 2020.
This year has been a rough one for most cryptocurrencies but some have fared worse than others. Ethereum is one of those heavy sufferers, that has lost over 90% since its peak almost a year ago.
ICOs have been largely responsible for this year’s Ethereum performance and the fact that it has been outperformed by a number of other crypto assets including Bitcoin, XRP and TRON which have recovered faster. It has been estimated that the ICO war chests are now virtually empty so Ethereum is close to the bottom.
Hayes has previously called Ethereum a 'double digit shitcoin' as its price had mostly been pumped by speculative venture capitalists and ICO projects.
Hayes added that companies and inexperienced investors that invested in the cryptocurrency would likely dump their holdings as they would not be able to stomach more losses.