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It is no secret that the crypto market is going through a bear market for over a year now. Prices are seeing record drops every day and it might seem like the end of the cryptocurrencies is upon us. However, that’s not the case at all according to a recent ICO Market Analysis report published by ICOBench. Even as cryptocurrencies suffered through a brutal year, the interest and investment in crypto projects still increased by 15% in 2018 as compared to 2017.
There are over 5.1K projects that are based on blockchain in the crypto market today. These projects have all gotten off the ground through the powers of crowdfunding that blockchain enables. Because of the increased popularity, up to $24 billion has been invested in the blockchain industry so far; especially the ICO market that has been growing exponentially. Last year, the ICO for Telegram Open Network, managed to raise over $1.7 billion. The total number of ICOs in 2018 was greater than the number of 2017 by a magnitude of 3.5.
According to the report, Singapore took the first place in the number of funds raised in any city across the world. Overall, project teams have seen an increase in the need for a behavioral engineer. Projects are setting upper and lower limits for themselves, which indicates an attempt at better goal setting. The aggregate hard cap of December 2018 ICOs is roughly 3 times greater than it was in the previous months. 70% of this was expected on the last day of December 2017.
Out of the 718 ICOs that ended in 2017, only 43 were profitable after a year had passed. The aggregate market cap of 2017 ICOs is 40% lower than the total number of funds they had raised together. Even though the number of ICOs increased 3.5 times in 2018; the total number of funds raised has increased only by 15% as compared to 2017.
The report by ICOBench comes as a ray of hope for the current gloomy crypto environment for the common masses. Showing the public that even as the bear market wears down the cryptocurrency prices, the market is still moving forward as a whole.