Despite the fact that the ICO market is currently dead, this will not hinder the inevitable growth of the cryptocurrency industry, said founder and CEO of Digital Currency Group, Barry Silbert.

Speaking on CNBC, Silbert said that the hype around ICO in 2017 stimulated a rise in Bitcoin prices, but now the market has collapsed, and this has led to a massive sale.

This is another interesting reason for the bearish sentiment in the crypto market in 2018.

“The ICO market is dead — over. You now have the lack of demand from ICOs. And you have all the sponsors of the ICOs who raised a bunch of bitcoin and Ethereum that are now starting to sell that,” Silbert told CNBC on November 27.

In his opinion, the lack of stability in the cryptocurrency market is an inevitable growing pain accompanying any new phenomenon. To see the picture in a more global perspective, you need to look at past bubbles and corrections, says Silbert.

“We’re fifth, sixth, seventh, times through this now. The first couple of times you see your balance sheet drop by 80 percent, it’s kind of rough on the stomach. By the third or fourth time, you get used to it. Now we view this as a fantastic opportunity,” he said.

He also believes that at the moment there are changes that are in no way connected with the daily fluctuations of the cryptocurrency market – institutional investors are starting to participate in the industry.

“What’s happening without much publicity is companies are being built to create an infrastructure to enable the on-boarding of a whole new category of investors, which I think is going to happen in 2019,” he said. “That’s the institutional investors. So behind the scenes, nobody has slowed down,” Silbert added.

Additionally to this article, BitMEX CEO Arthur Hayes gave a very depressing, negative outlook regarding the prospects for the 12 largest ICO projects that collected more than $50 million and their tokens will collapse after entering the secondary market.

The newest Crypto Trader Digest is out. https://t.co/owEvwcu5hW — Arthur Hayes (@CryptoHayes) November 21, 2018

The study deals with Telegram, Filecoin, DFINITY, Polkadot, tZero, Basis, Orchid Protocol, Hashgraph, Rootstock, Algorand, Cosmos and Oasis Labs tokens. Hayes is convinced that these projects deliberately delay the launch of tokens in the secondary market, since their price will directly depend on investor sentiment, rather than fundamental factors.