Bitcoin's growth began in early 2017 and then it touch 20000. Bitcoin's largest growth is due to the ability to trade with tether dollar. With this growth, a huge growth in ICOs appeared. Nowadays about 30 ICOs are added to the market. This huge volume of ICOs, has taken the power of bitcoin growth. Like weeds next to a tree. Bitcoin will not grow until ICOs exists.
I guess bitcoin price is not only because of ICO's, yes, there are still some impact if there is a lot of ICO's but it is also because of big investors of bitcoin before. I think last year has a lot of investors of bitcoin and that is why bitcoin price touches $20k because a lot of scammers also uses bitcoin to their business, they uses bitcoin to encourage their investors to invest to them even if they are not legit but they are using bitcoin so they are putting a lot of investment with bitcoin so that the price of bitcoin will go up and a lot of BIG investors will put huge amounts of their capital for it because they think that they will get profited. By the time past by, scammers sell their investment and just run away that is also why bitcoin drops hard last year. This is my opinion.
i got your opinion, not only ico is the reason for the bitcoin price increase, as well as large investors. Yes, you also have the point that the scam project is also one of the reasons for the bitcoin price increase. and, this is also one of the reasons why its price has fallen due to wrong speculations which now affects the value of bitcoin.
Yes, because a lot of scammers now are using bitcoin for their monkey business so they can get a lot of big investors, they uses bitcoin to encourage a lot of investors and invest with them, that is why some other investors now are afraid to invest with bitcoin because they think that they will just lose another million of their capital, which is wrong because they put their money in a wrong investment.