I think we must selective to choose ICOs, because the number of live ICOs certainly makes us all confused, let alone more and more ICOs are scam so investors are afraid to invest ICOs, I think the best ICOs are happening in 2017, when many projects could reach hardcap so that crypto usage increased significantly.
I think the sheer amount of new ICOs in 2018 has led to the reduced profits for investors, there are not enough new people coming in the space and the ICO's were just too many. Also they had ridiculous hardcaps. Why do you need 50 million to build software when others can do the same with 5 million or even less. I avoid those hardcaps like the plague, mostly money grabs.