Data by token rating site ICObench shows that crypto industry’s initial coin offerings (ICO) sector has begun to pick pace again as investor sentiment edges north, potentially due to the recent market rally that saw bitcoin (BTC) soar above $8,000.

In its report that covers the ICO market up to May 21, the platform notes that the rate at which token sales are marking success has increased.

The firm attributes this to the fact that most of the projects are being rated as high quality. Data shows that 85% of funds raised in May went to projects that have a rating of 3-3.5. That compares favorably to April figures that showed about 68% of projects were high quality.

Published projects now number 157 for May, with total projects now at 5,512. At the moment, there are 287 initial coin offerings in progress with a further 140 token sales on the horizon.

ICObench also gives the total amount of funds ICOs have raised in May, concluding that the figure is pushed higher by the $1 billion Bitfinex reportedly raised in its initial exchange offering (IEO). In total, May saw token sales raise $1.075 billion.

The other top five IEOs for May collectively raised $15.5 million, with Economi the second biggest after Bitfinex with $10.5 million. Poseidon was another, raising a total of $2.4 million.

May has seen the highest amounts of funds from token sales in 2019, with that data helped by the massive $1 billion offering from Bitfinex. The last time the monthly figures were higher was in May and June last year.

Most of the funds were raised by projects incorporated in the British Virgin Islands and the Cayman Islands. The United Kingdom topped in terms of countries with the highest number of ICOs. However, it only ranks seventh when rated in terms of total funds raised.