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The ICO Craze is Only Getting Bigger - Over $600 Million Raised in Last 30 Days

The initial coin offering (ICO) market is only getting bigger, and this is a boon for the cryptocurrency industry, particularly when it pertains to Bitcoin, Ethereum and other virtual currencies on the rise.

According to a new 78-page report from Autonomous NEXT, entitled “Token Mania,” approximately $1.2 billion in cryptocurrency has been raised through ICO during the first six months of 2017, and close to $600 million has been raised over the last 30 days alone.

ICO seems to be the next big thing in the blockchain community. Not only are they an alternative to crowdfunding, they also provide companies the opportunity to capitalize themselves, easily and quickly.

What is ICO?

At a rudimentary level, ICOs work like an IPO, but they use blockchain-based tokens to raise money.

These tokens can be in the form of app coins, digital assets, and cryptocurrencies. The tokens are assigned value based on the project value itself, but the best thing about ICOs – and all cryptocurrencies in general – is that you do not need a third party or a middleman, such as banks. Bitcoin, also an implementation of a blockchain, was the first of its kind in the digital currency market followed by Ethereum, which provided a bit more flexibility as compared to bitcoins.

A big advantage of ICO is the liquidity it offers to users. There is no required waiting period to get your funds and you can simply pull out of your money whenever you wish. In other words, you can cash out your digital currency at any time you please.

With the entry of ICOs, other digital currencies, including Bitcoin, Ether and EOS, have all been showing a decline (18 percent, 26 percent and 46 percent, respectively). ICOs, however, are clearly on an upward trend mainly because they are a great way to monetize and fund open source projects and protocols.

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