The major cause of the price of tokens going below ico price is the big bonuses the give to early investors, that is my opinion . although others are of the opinion that bounty hunters are usually the cause but i don't want to believe that . i have seen a project where the developers locked hunters reward for months , yet the price of the token still dump way below ico price.
Again , the activities of the developers. if they are actively following their time line investors would want to hold and not dump the token at a cheap rate . but if the reverse is the case, then investors may dump the token just to try to get back their capital.
i am of the opinion that the crypto market will pick up and recover again , just like every other technology e.g mobile communication, internet and the likes . cryptocurrency is a young technology that is still growing, so the fluctuations are normal for every upcoming technology. we have to be optimistic while waiting for crypto market restoration.