Interesting question and never hits on my mind. We are now seeing huge sufferings from ICO last year and up until today since Bitcoin went down up to $3000. Every altcoins are following the bitcoin price movement so as the investors. I never observe ICOs when bitcoin was under $1000 but I could say that their era is now on the verge of death so I am pretty sure that this ICO scheme will be vanish if bitcoin falls below $1000. These ICO actually ruined the momentum of bitcoin.
but that doesn't mean ICO will die? maybe if there is a good update and the market is stable again maybe ICO will be better, especially if the Scam is gone so it will be safer.
maybe later in the future investors will observe the ICO and maybe they will start again if ICO really has improved so that it is feasible to be used again.