I participated in the cryptassist ICO a few months ago, and I chose this out of the many projects I could have done the ICO, but still no listing.
This is because of the market, but I strongly believe that if the project is good enough, the team should not be scared of listing
Listing of the token is a definitely important event but of course the team should not be scared of listing on any market cycle if they are strong. But there are a lot of projects still didn't not release their tokes and din't list on exchanges, Origo for example... it is not good i think and if you conduct your ico on bearish market then you must be pretty strong to come out on the same market.