Ethereum
$3,044.03 -9.43%
ETH · 205w

Are ICOs the reason ETH is "lagging" BTC in the short term valuation growth?

I've been trying to figure out why, despite the seemingly obvious systemic and architectural superiority of ETH over BTC, BTC charges ahead with logarithmic gains in valuation and ETH seems to have experienced a damped oscillation centered around the 300 USD after it first took off about 6 months ago. At first I thought it might be because BTC has legacy appeal and greater mainstream visibility, not to mention larger liquidity, and therefore the big money bettors are placing bets there first. But I'm now wondering if ETH's greatest structural asset, namely smart contracts and the derived "coins" that are spawned as a result, are the real reason? All these's ICOs are basically liquidating their ETH for fiat, keeping in the price of ETH controlled around 300 USD as some kind of baseline that appears to be agreed upon by those liquidating? If so, ETH doesn't stand to gain much so long as these ICOs keep sucking out ETH and selling them back for fiat. Thoughts?
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