There are a lot of fraud connected with cryptocurrency and a lot of people lost their money in frauds or their money was stolen.
And a lot of people stop to invest money in IEO. Now even good projects cannot collect money for development, because people prefer to hold Bitcoin than to buy tokens of new IEO.
It is very difficult on the stage of IEO or ICO to predict the future success of the project. That is why people prefer to have Bitcoin.