It's especially about 3 aspects:

1) Quality of the project and Team
2) How much money they raise, at what a marketcap it's already valued because of the ICO
3) General Market-conditions

If 3 is very good, like it was in 2017, even bad projects that raise a shitload of money, can go higher on the exchanges - but only for a short time. This year, in this constant bear-market only the really good projects with honest und skilled teams that didn't raise more money than they need are in a good shape.