It was miraculous. People and organizations writing a whitepaper and funding their business, or better their plans for a business with ten millions of dollars. Simply by organizing an ICO.
After a truckload of broken promises, the public is not so fond of ICOs anymore.
Secondly, the people saw the value of their crypto assets evaporate in the past months. Therefore they just didn't have as much funds left to invest in tokens. ICO tokens lost popularity.
A third reason being, that a lot of ICO tokens were pumped and then dumped by the people who have inside information and influence. They got rich and the public got poor. People became anxious.
The last reason why the amount raised dropped so dramatically could be that a lot of ICOs postponed their plans, waiting for a better tide to sail off.
So what does it look like, this ICO funding environment?
As you can see the ICO market practically crashed.
It is tremendously exciting what the future will bring to ICOs. We couldn't think of a better cliff hanger than this graph.