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I don't think that is true at all. Most people can't even get in on the ICOs.

It's not about "most people," it's about "most cash."

The "whales" are buying ICOs left and right, and dumping their Bitcoin/other altcoins. That's the main reason for ETH's rise.

Eventually some of these ICOs will prove to be scams, or will get hacked with catastrophic results, and ETH's price will fall again. It doesn't necessarily mean it won't rise back-up again, but by then we'll just have to see if ETH is still a top 2 coin to get.

Ok show me data on what percent of the market cap is from ICOs. Bancor's recent debacle raised 150 million and that is the largest ICO yet. Ethereum has a 36 billion market cap as far as I know.

It's a question of liquidity, not of "market cap".

> Eventually some of these ICOs will prove to be scams, or will get hacked with catastrophic results, and ETH's price will fall again.

s/some/most/

That's because they sell out so quickly. ICOs can earn tens of millions in seconds.

This seems like a plausible theory to me.

ICOs lock away ether, which makes the price rise - but there are 5x the amount of ether than BTC, so I am skeptical this is even a large % of the reason

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