ICOs are Flooding the Market says, Brian Kelly

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Brian Kelly says ICOs are Flooding the Market

Cryptocurrency investor Brian Kelly said the market is overvalued even though Initial coin offerings (ICOs) continue to overflow the crypto universe.

Investors are in a “wait-and-see mode.”

He told:

“People are starting to say; I am going to put the brakes on the ICOs right now. I’ve got my portfolio. I don’t need a seventh or eighth ICO. To me, [ICOs are] not as hot as they used to be.”

More than 300 ICOs has been launched in the first half of 2018 nearly the same amount as all of 2017. And till date, in the first six months of this year, more money has been raised.

Kelly claimed that the U.S is not a significant player in the ICO market. Asia, especially countries where regulatory issues may be less of a concern.

Another shift: a lot of the ICOs have been funded with U.S. dollars and not cryptocurrencies. Kelly said.

He also told that most of the ICOs had been funded with U.S dollars rather than any cryptocurrencies.

Kelly told:

” I’ve noticed a lot of investors, who were buying into the ICO craze, are looking to buy ether, to buy bitcoin, to buy some of these big protocols, these platforms that everything is being built on.”

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