If not, where is the market headed?
Majority of projects who held ICO's are completely just a profit scheme with no working product with a real cause. Yes, bright and wonderful ideas and really an innovative if implemented but however, some of the projects after ICO, after getting their target, won't be seen active anymore. Honestly, projects are good if they are executed properly but that's not the case. Even those hype projects that got hyped last 2017 is nowhere to be found. Meaning, they didn't have a strong foundation and only lived because of hype.
Good thing 2018 bearish market struck the market. That's the best time to see if those successful ICOs back then will survive and will remain on their promise to their investors. Unfortunately, only a few left.