A new ICOBench report has shown that in Q4 of 2018, initial coin offerings (ICOs) raised 25% less than Q3 2018.

The same reporting period saw the number of completed ICOs jump from 554 (in Q3 2018) to 594. The same quarter witnessed a surge in the number of ICO projects that were unable to raise funds. Nevertheless, the number of successfully completed ICO projects remained constant.

The report claimed that a total of USD 1.4 billion funds were raised in Q4 2018, down from USD 1.8 billion in the previous quarter. Project average amounts also declined from USD 8.9 million (Q3) to $6.7 million (Q4).

The report identified that Ether (ETH) was accepted by 88% of listed projects to raise funds. This hints at an important factor related to the decline in the price of ETH (down by 43% since November 2018). This decline in ETH price has become a reason for the decline in dollar value of raised funds in Q4, as ETH targets remained the same.

Although a below-par performance was displayed by the ICO market in terms of raised funds, a better record of hard caps was demonstrated in Q4 as compared to Q3. It means that many ICO projects in Q4 managed to reach the maximum amount of funds targeted from investors.

Singapore was rated as the top country in terms of the number of completed ICOs and the amount of funds raised. The report noted that in Singapore, 85 ICOs raised USD 251 million in Q4. This was followed by Switzerland (USD 238 million) and the US (USD 159 million).

In another report, ICObench ranked Canada as the number one country in terms of funds raised (USD 80 million), during the first half of January. However, the US was ranked first in terms of the number of ICO projects.

 

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