Initial coin offerings (ICOs) had mixed results in 2018. On one hand, there were nearly 2,300 ICOs last year, in comparison to 966 in 2017. On the other hand, though, ICOs raised $11.4 billion, in comparison to around $10 billion in 2017. This represents an increase of only 13%. The ICO market started out strong in 2018. For example, March's offerings raised nearly $1.75 billion. But the market faded as the year went on. November's offerings were only $0.36 billion, which is the lowest amount for ICOs since May of 2017. The ICO market in 2018 closely followed the performance of Ethereum. This is not surprising considering that most ICOs issue their tokens on the Ethereum platform. Nearly 85% of tokens are issued there, in comparison to a little more than 1% for Stellar and about 0.5% for NEO. On January 13 of the last year, Ethereum reached its historical all-time high of nearly $1,352. Though by mid-December it had lost almost 95% of its value while trading at about $84. Between March and November of last year, ICO funds raised dropped a little less than 80%. Still, as disappointing as 2018 was for ICOs and cryptocurrencies in general, more funds were raised in December of 2018 than in January of 2017. A significant trend for ICOs in 2018 was that the decline in ICOs over the course of the year was far smaller than the decrease of funds raised. This is to say that many ICOs are chasing a shrinking amount of money. Because of this, ICOs in 2018 raised less money on average than in 2017. They raised around $11.5 per ICO in 2018 compared to nearly $24.5 million per ICO in 2017. The size distribution of ICOs also narrowed in 2018. While a small ICO in 2017 was considered to be a little more than $90,000 and large one a little more than $45 million, in 2018 a small ICO was considered to be around $115,000 and a large one around $40 million. This distribution was distorted a bit because the largest ICO in 2017 was nearly $4.2 billion, while the largest in 2018 was around $575 million.