I doubt we have seen peak ICO. If you were here in 2013 and saw how much money was thrown around for altcoins you'll understand that while there are bigger ICO's these days there is also more money than ever coming in or and more value being built.
Of course there will always be pump and dumps so if you're a short term quick buck investor you could lose in manipulated markets like this. You also assume Bitcoin price is going to spike up like it did in 2013 but right now there isn't enough evidence to suggest that.
Even though it's against my 'thesis' I am inclined to agree. Anyone involved in crypto today is still the 0.01% and once the masses flood in, we could see todays prices explode once more.