Although November of 2017 was a record year for the amount of funds raised during the ICO ($ 743 million), most of the funding went to just a few projects. A huge number of primary placements on the market made it difficult to promote promising start-ups compared to previous quarters. As a result, the average indicators slightly deteriorated, and the number of ICOs has increased by about 50% since October. Probably, the trend will continue in the first quarter of 2018 - in general, the situation on the market will remain complicated due to the overabundance of ICO. Also, we can witness the increased volatility of bitcoin, typical for the beginning of the year. It is caused by various factors. One of them is the habit of investors from China to close positions before the Chinese New Year.