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Cryptocurrency

ICO Market Increases by 259% Since January 2017

Sanmi Adeagbo | Feb. 14, 2019
ICO Market Increases by 259% Since January 2017

The ICO market has more than tripled compared to April 2017. This was revealed according to data from CoinSchedule.

February 14, 2019 | AtoZ Markets - The initial coin offering market is 259% bigger now than it was in January 2017 but compared to 2018, it has gotten far smaller. According to crypto analytics website, CoinSchedule, ICOs raised over $82 million in January 2017 which is far less than the over $291 million that was raised in January 2019. At the beginning, the ICO market started modestly and picked momentum toward the end of 2017. The market raised $672 million and $888 million (more than 6 times bigger than the previous months) in June and September 2017 respectively. It surpassed the $1 billion mark in December 2017 when most cryptocurrencies were hitting their all-time-highs. It surged further in the months that followed until it got to $5.8 billion, its highest ever, in June 2018.

After June 2018, there has been a drastic drop in funds raised by ICOs. Between July 2018 and January 2019, the $1 billion was only reached in August 2018. Nevertheless, the current fund raised by ICOs is still bigger than what it used to be in January - April 2017.

Infracstructure ICOs and EOS Lead The Way

Based on their categories, infrastructure ICOs lead the way with 24.1% of the market share. Finance-based ICOs follow with 16.2% and communication-based ICOs have raised 10.1% of the entire market share. According to the data, the top ten ICOs raised over $8.7 billion. EOS top the list with $4.2 raised in about a year while Telegram and Petro followed with $1.7 billion and $735 million respectively in over a year. Furthermore, according to the same website, there are currently 99 ICOs that have just been completed while 9 ICOs are live and 2 upcoming ICOs at the time of this report.

According to a report from Bloomberg, there is an increasing number of ICOs taking place outside the United States where many ICOs used to be launched. The report added that about 20% of the ICO token sales in Q1 2018 was hosted in the U.S. Countries like Singapore and Switzerland also have a big share in the ICO hosting community. With the declining trend and the entire market still trying to recover, the ICO market might not improve in Q1 2019.

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