The first quarter of 2019 saw fewer initial coin offerings (ICOs) raising funds compared to the fourth quarter of 2018, according to a recent report from rating site ICObench.
Per the ICO Market Quarterly Report, containing analytics and trends in the industry for Q1 2019, in Q1 there were almost 350 ICO projects, which is fewer than in Q4 2018. The total volume of funds raised in Q1 reportedly amounted to nearly $1 billion, however the number is lower by roughly $0.5 billion compared to that of Q4 2018. The report further reads:
“Notably, in Q1 2019 there were twice less ICOs projects that have raised funds comparing with Q4 2018. However, the average ICObench 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 $5million.”
Q1 reportedly closed with 328 ICO projects, wherein 107 of them managed to raise funds and 221 did not raise funds. In Q4 2018 there were 585 ICOs, wherein 207 raised funds and 378 did not.