It dosent really have any strong impact ! It can just make people want to invest and jump in once they see the green light ! Most time its usually a trap by the whales to make some profit and jump out once made ! It all depends on the situation and condition around it !
If there is no impact by whales why traders jump to the trend or the correction for buying cheap price before the realized trend profits? The green light is another side of the red light and the both is turned on/off the market whales. Planktons are the victim of the liquidity hunting bots created by the whales from my experience.
I think with the increase in BTC, of course this will affect the prices of some altcoins in the market, but it seems that it will not affect investors' interest to invest in ICO, because we know for sure with the increase in the price of bitcoin, investors will invest more in bitcoin or altcoin which indeed already have an exchange market instead of having to invest in ico which does have a fairly high risk of fraud.
The riskless projects may exist but not in the crypto industry. The fraud risk is the worst possibility and there are no proper methods to permeate the scam projects. Investing in the ICO bring new efficient money-making channels which investors can't define the difference. Scammers don't want to take the part of the coins we have, they want to get all that amount from us in my view.