New report indicates an upswing in the ICO sector as the market picks up

25 May, 2019
by Richard Allen
ICOs
New report indicates an upswing in the ICO sector as the market picks up

According to a report conducted by ICObench and shared with Cointelegraph, investor sentiment is once again taking a positive turn prompted by the recent market rally. As a result, the ICO sector has seen something of a resurgence.

As per the report, data from May 21 has revealed the success rate of ICO has increased which seems to suggest a similar increase in the quality of the projects. 85% of the funds raised this month have gone into projects with a high rating, ranging between 3 and 3.5, compared with 68% in April.

According to the data, the number of projects released in May is now 5,512, an increase of 157. Meanwhile, there are 287 ongoing ICOs and a further 140 upcoming token sales expected.

The report also states that the $1 billion initial exchange offering (IEO) held by Bitfinex has accounted for the vast majority of total funds raised so far this month through token sales, which stands at around $1.075 billion.

Aside from Bitfinex, Economi and Poseidon held IEOs too which raised roughly $10.5 million and $2.4 million, respectively. Excluding Bitfinex, the total of all funds collected from the top five IEOs for May is almost $15.5 million, the report notes.

As a result of Bitfinex’s mammoth offering, May has become the month with the highest total funds raised so far this year. ICObench’s historical data, representing May 2018 toMay 21, 2019 has shown that only May and June 2018 achieved higher levels of total funds raised through token offerings.

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