Will the cryptocurrency market ever reach the same heights it achieved in late 2017/early 2018? It’s quite likely

Will the cryptocurrency market ever reach the same heights it achieved in late 2017/early 2018?
It’s quite likely.

We have 7 ETFs coming up in September. An approval will likely give us $30,000 Bitcion price already.

However, there is one negative factor.

ICOs.

The whole bear market was most likely caused by the ICOs selling all of their funds.

Throughout the last 8 months we've seen the market unable to go up substantially. This is likely because of the $6.3B raised in ICOs that those finished ICOs have dumped on the market.

It's estimated that only $15B of Fiat have gone into crypto total until December, leading to a $800B market cap at its highest point, since every dollar put into crypto increases the market cap by $50.

Subsequently, ICOs have been dumping their collected Eth in the value of $6.3B no wonder the market isn't going up. This lead to the effect that Bitcoin always went up to $10,000, but then another company comes a long and dump their Eth and thus also Bitcoin, since all coins are linked together.

For example, Eos has dumped 3,000,000 ETH until May and they still have 1,155,000 Eth = $400M just recently. . Of couse, the market cannot go up in this climate.

It doesn’t stop there, in 2018, another $6.6B were raised, which also needs to cash out in the market.

Conclusion

In late 2017, we were at a total market cap of crypto at $800B, the result of $15B FIAT pumped into crypto, since every dollar put into crypto increases the market cap by $50.

Then, the ICOs of 2017 cashed out $6.3B, then the ICOs of 2018 raised another $6.8B.

So, we had a total of $15B FIAT pumped into crypto and $13.1B taken out of crypto through ICOs again. No wonder, the market is going up.

The ICOs are the cause of this prolonged bear market and we cannot really say if they will all have already cashed out by November and if institutional investors will invest significantly more money than ICOs will cash out.