ICOBench Report Shows There Were Fewer Initial Coin Offerings in Q1 2019 Than in Q4 2018
2019 started with a very week quarter in terms of the number of Initial Coin Offerings (ICOs) launched to the market. According to the ICO Market Quarterly Report, the first quarter of the year saw the creation of 350 Initial Coin Offerings. This is less than in Q4 2018.
There Are Fewer ICOs In The Market
According to the report, the total volume of funds raised during the first quarter amounted to $1 billion. This is lower than the funds gathered during the last quarter of 2018.
The report reads as follows:
“Notably, in Q1 2019 there were twice less ICOs projects that have raised funds comparing with Q4 2018. However, the average ICOnench rating has not been changed. The success rate of ICOs that raised a positive amount of funds in Q1 2019 is nearly the same as in Q4 2018, even though the amount of ICOs have declined. More than 60% of ICO projects still raise less than $5 million.”
The first quarter of the current year ended up with 328 ICO projects. Nonetheless, not all of them were able to raise the expected funds. 107 of them, less than half, managed to raise funds. In Q4 2018, there were released 585 ICOs. 207 raised funds and 378 did not.
The report has also highlighted the most interesting industries that engaged in Initial Coin Offerings in the first quarter of the year. Virtual reality, big data and artificial intelligence (AI) have been the most popular sectors. Although there are many new competitors in the market, Ethereum (ETH) remains the favorite network for developers to launch their tokens and ICOs.
The ICO analytics site, TokenData, provided information about ICO projects launched in the first quarter of 2019. According to the site, ICOs raised $118 million. The report shows that only 45 percent of the projects were able to successfully raise money. Surprisingly, only 15 percent of the tokens issued in ICOs are now trading above the original price.