read my opinion about the bubble https://steemit.com/blockchain/@unum/if-there-is-a-bubble-on-the-current-cryptocurrency-market-then-when-will-it-burst
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read my opinion about the bubble https://steemit.com/blockchain/@unum/if-there-is-a-bubble-on-the-current-cryptocurrency-market-then-when-will-it-burst
I agree with your general reasoning, However you also should think about the fact that the market cap doesn't just represent a company it's a currency. The value of a company and a currency are two completely different things.
Will there be 90 % of ICOs that won't produce anything of what the promised? Yes probably and even more.
That's why I look more at projects with long term life spans such as Steem, bitshares and EOS etc