Cryptocurrency sales hit $13.7bn in first 5 months
Sales of digital currencies in the first five months of 2018 have nearly doubled the total seen in 2017, according to research by audit firm PwC.
A report published on Thursday evening by PwC’s consulting and strategy division Crypto Valley Association, said digital currency sales through 537 initial coin offerings (ICOs) jumped to $13.7bn between the beginning of January and end of May.
This topped 2017’s total of just $7bn thanks to several mammoth ICOs – particularly that of Eos, whose year-long ICO that ended about four weeks ago raised $4bn, and Telegram, the Russian messaging service that raised $1.7bn.
Despite the amount raised in ICOs so far this year, the future will not be bright for the majority of those digital coin issues. The researchers of the report did some digging and found that of the near-3,500 ICOs since the first token offering in 2013, just 30% have closed successfully.
Meanwhile, recent losses for established cryptocurrencies such as bitcoin and ethereum and threats of tighter regulatory scrutiny of the global ICO market will have damped enthusiasm for new coin offerings this month and likely beyond.
Indeed, there have been some heavy losses for cryptocurrencies in June. On Friday the 29th, the final trading day of June, most were lower again. Here’s how they stood on the day, with monthly losses in brackets:
- Bitcoin was down 0.38% at 5,897.20 (21.4%)
- Ethereum fell 3.8% to $417.15 (27.8%)
- Ripple lost 4.4% to $0.44 (27.2%)
- Bitcoin cash shed 5.4% to $666.17 (33.2%)
- Eos slid 4.9% to $7.39 (39.7%)
- Litecoin fell 5.9% to $74.33 (37.2%)
- Stellar lumens lost 6.9% to $0.18 (40%)
- Cardano slid 6.8% to $0.12 (45.4%)
- Tether stayed put at $1 (it is pegged to the USD)
- Iota shed 4.8% to $0.92 (47.4%)