State Of The Market
Stumbled into this slide on twitter today and it shows the total capital raised by ICOs over the past year. It was shared by twitter user Cryptomanran. It's interesting to note the slow down in this sector over the past 12 months.
Notably from the second half of 2016 ICOs were starting to boom especially thanks to the numerous projects issuing ERC-20 tokens left, right and centre.
It was easy to invest in those projects and some of them such as Bancor and Status Network if I recall correctly were setting records in collecting investments for their respective projects. Big amounts of cryptocurrencies were collected at the time.
However, in hindsight not a lot has been accomplished. Many projects have failed to deliver on their promises and that's pretty much what happens in the startup world. Many startups fail and that's the nature of the game.
However, if you observe the chart ICOs were raking in record investments till May and there after there was a sharp decline with the bear market refusing to go away.
It's unlikely we'll see a boom in this space anytime soon.
Couple of years ago or so there were less than a 100 good projects and now there are over 1000 cryptocurrencies already. It's crazy how explosive this space has been. But not all sparkling wine is champagne eh?
As much as I would love to see the market turn around at the drop of the hat, I feel we're going to consolidate for a while before things change. It's quite likely that many projects that exist today, won't make it through this bear run. It's only logical I guess!
$65 million is such a lowly figure whatever said and done compared to the $2.5b in Feb 2018. The market had already started making its way down. It will certainly take a lot of fresh money to bring back greater interest in this space as well as fund projects that are doing something significant.
As always, only time will tell. I hope we can last the next year and revisit these statistics a year from now.
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Very true. Some also attribute the ICO boom to the subsequent collapse as all those projects had to fund developers with fiat money; and that creates a lot of selling pressure on the tokens they were paid with in the raise.
I am not looking for any boom. I am looking for something steady. But I am concerned about meaningful projects like STEEM. We have great initiatives like UTOPIAN, STEEMSTEM etc in this blockchain. Will we ever break away the dependency from BTC anytime soon? What is your opinion?
Thanks firepower sir, for sharing your thoughts about Crypto currency i pray of God your speculation be right in future soon.
I am just waiting for the January 2018 old days to live again or even better days let's see as said time will decide.
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its more to do with the SEC running after ICO's than the bear market,
and you had me at:
"I would love to see the market turn around at the drop of the hat".
In the bull market of Jan - Feb, the significant number of Indians signed up for playing this game, hardly they know the nature of the Crypto Market. Some of them invest in January and we can well-imagine their funds right now.
The most of ICOs in Jan - Feb were a big scam and this kind of hype won't ever exist again. The market will get mature as time passes and it should be.
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