When the rules start, I think ICO will be strictly limited.
When the bear market comes, most of the ICO will lose its value, which is the process of the bursting of the bubble, but it will still leave some fine tokens.
Exactly, Results of every ICO depends upon the market condition and overall marketcap. Many ICOs that was started in November didn't bring much returns to investors as the market wasn't healthy at that time. For example request network ICO which was very much hyped and ycombinator backed but still it traded at half of the price which was offered in ICO. After that Alts boomed in December and request network just took a long flight.
For example i`ve participated in Electroneum ICO wich was in November if i remember correctly and only the launch got me 10x of my investment. But, yeah, i think that the succes of a ICO depends a lot of the status of the marketcap. When a project is launched there is a massive dump done by those who want to cash in theyr investment and by bounty hunters. ICO`s launched this last month had it very rough with all this red market.
But once the regulations will kick in i think that there will be a increase in credibility for this kind of investment and more money will come into the market.
I participated Electroneum, enjin, request network, airswap and storm ICO except electroneum every ICO was trading 50% below the ICO price because all of them opend for exchange in the same month itself but electroneum was on hold for a long time because of their security issues. That was actually a good reason and electroneum opend on cryptopia but that time the whole market boomed.