For me i should consider the popularity of the coin and the structure. How many years since it created. And the last one is the history of the value in our market.
oh good for you but for me i dont usually look on the popularity or on the history of the coins because i only invest on the newer ones and most especially on ico's that i find promising because i think they can give much return compared to standard cryptos . i dont really care if its a pump and dump scheme but atleast i can earn something big for a quicker time .
I think ICO investment is far more risky because it has the possibility of a scam. but you're right the benefits may be far greater for ico investments. because token prices can be very cheap compared to prices when listed in exchange. so look for a trusted and potential project. by look at several aspect like their ANN, Team, and etc