The questions is how much investor get from these ICOs, what are the values now? 1/5 of what they invested?
It depends on project. If it real and the team works hard with product you could earn more the investment in may 2018, before market going down.
Now hype is not enough to have a profit.
Yes hype helps to make money for investors, but, this is more a zero sum game, the price can not be sustained by the hype, price will go down so someone will take a loss. Maybe early people get a profit, and ICO issuers for sure, but most investor will end up losing.