While savvy investors are always on the lookout for good initial coin offerings, the present may not be the best time to enter the crypto scene via ICOs. There are tons of new entrants into the market these days, but portfolio manager Brian Kelly believes that these ICOs don’t offer the best deal at all; most of them are simply overpriced.

Speaking to CNBC, Kelly advocates a “wait and see” attitude at the moment. The BKCM LLC CEO and founder believes that, unlike the ICOs of the past, investors won’t be getting much of an advantage by snapping up tokens at the ICO stage since they are already overvalued at the onset. In fact, he is temporarily halting ICO-related investment activities in his firm at the moment.

During CNBC’s “Fast Money” on Thursday, Kelly said:

“People are starting to say, ‘I’m going to put the brakes on the ICOs right now. I’ve got my portfolio. I don’t need a seventh or eighth ICO.”

The investor even added that ICOs these days are “not as hot as they used to be.”

Given the huge losses experienced by many cryptocurrency investors when the market correction happened early this year, one would reasonably expect that ICOs may be a bit subdued this year. On the contrary, initial offerings continue to happen as if the downturn did not occur at all.

In fact, there are already 300 ICOs in the first half of 2018. For comparison, that number of offerings is around the same as last year’s number, which seems to suggest that most investors remain positive on the cryptocurrency market’s long-term prospects.

The big bull run predicted by optimistic investors has not happened yet — at least not in the scale that everyone was expected. While the market showed signs of recovery throughout April, the upward trend was reversed by the early week of May and has not recovered since.

Crypto Investor Believes ICOs Are No Longer Attractive As Most Are Overvalued was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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