The fluctuation isn't the only reason why ICO's project seems too hard to get the fund. The fact that some project already scammed the investors and project that failed to meet the roadmap are the other reason why investors will be very picky before risking their money.
Recently i invested on a project that turns out to be a scam, and yes it does leave a bad impression on ICO but it does not stop me from investing into another one sometime you hit the jackpot or you could lose it all if your not careful.