This just came to my mind today as ive never think about it before, since bullrun happened in 2017 and ICO became popular and successful in that year too aren't you guy curious how IEO projects would have performed if bullrun was ongoing? IEO became popular after bull market of 2017 right? The reason why ICO was so profitable in 2017 was because of the altcoin season don't you think? What about IEO in altcoin season? We are yet to see this
Thats not because of altcoin season ICO become popular because of many early project give good return to it's investors like strat , waves and eth as example. They are looking to get a good gain like that so many people invested in different ICO but to be honest it's not because it's altcoin season. If I remember correctly when the BTC market increase more of the project dump it's prices and many project is hard to recover after that lost and that time many scam ICO started.