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
ICOs were profitable because there was too much hype around cryptocurrency at the time. People did not know which of the projects were normal and which were simple rubbish, money was brought by everything that entered the market. At the same time, the growth was fantastic 1000% per week, almost every top project. Now, how can we observe this? We see the growth of bitcoin and after it the growth of other coins, nothing out of the ordinary. If Bitcoin stands still, the market will follow suit.