ICO fundraising has cooled down from the $6b raised in 2017, as many altcoins find themselves trading 50+% lower than their peak levels. New ICO projects raised $911m in January, after a record $1.6b in December.
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Bitcoin’s Plunge Weighs on Coin Offerings
In Tuesday’s trading, when bitcoin hit its recent low, many altcoins did as well. EOS, one of the largest initial coin offerings, or ICOs, was down 67% since Jan. 13, when it hit a record of $18.37. TRON, which started trading in September, was down 92% since Jan. 22. OmiseGo was down 71% since Jan. 9. ICON was down 75% since Jan. 30. Even an “old” ICO such as Augur, down 69% since Jan. 12, hasn’t been spared. Most of the larger, more established altcoins fell sharply as well. Ether, the currency used on the Ethereum network, was down 60% since its Jan. 13 record. Ripple was down 84% since Jan. 4. Bitcoin Cash was down 82% since Dec. 20. Litecoin was down 71% since Dec. 19.
