The initial coin offerings (ICO) sector was hit hard during the crypto winter of 2018, but recent trends signal towards a much needed revival for the ICO market.
A period of positive investor sentiment, fuelled by the bullish crypto market, might be the primary reason for this resurgence of the ICO sector. Data from a new report by ICObench has revealed these trends, confirming our assumptions surrounding the ICO sector.
According to the report by ICObench, the number of published projects in May has increased by 157 to 5,512 projects, with 287 ongoing ICOs and 140 upcoming token sales in the pipeline. These numbers are clearly indicative of a surge in the success rate of ICOs.
Additionally, the data reflects that 85% of total funds raised till now in May apparently belong to projects with a high (3-3.5) rating — as compared with 68% in April. This clearly signals a major improvement in projects’ quality.
The final tally for the total amount of funds raised via token sales this month is roughly $1.075 billion. The figure takes into account the reported $1 billion initial exchange offering (IEO) from cryptocurrency exchange Bitfinex
The figure also takes into account IEOs from Economi and Poseidon, each of which raised around $10.5 million and 2.4 million respectively. The cumulative fund collection from the top 5 IEOs (excluding Bitfinex) so far this month hit almost $15.5 million.
Geographically speaking, the Brisitish Virgin Islands reported the highest number of funds raised, followed by the Cayman Islands. The United Kingdom with its 9 projects, managed to achieve the record for the highest number of ICOs, but secured the 7th place in terms of total funds.