Theory: Could the many ICO's be the cause of bitcoin dropping value?

Hi guys,

I'm relatively new to this #market and have only been #trading for a short time now. But i've come up with a theory which i would like to debate with you "experts".

These last couple of months have been a rollercoaster for Bitcoin, not only Bitcoin but also all the other altcoins and i'm trying to understand why and what it will lead too.

Here's my #theory!

If you look at the market cap from December and March they're almost the same now (well actually the crypto's should be in for another drop to completely be the same). It has come to my understanding that since the hype really started last year December - January. Manyother new coins (ICO's) have come to the market and i can't stop to wonder if they could be the reason that the market is #dropping like this.

You see, if i were to start up a crypto company. I'd first startup an ICO. Money will flow in and at the end of the ico, we'd really startup building the company. This costs money ofcourse. I don't presume i can pay my developers in Bitcoin or Ethereum, so id have to exchange my "invested" crypto's for cold hard #cash to pay them for their work.

So thats cash flowing out of the market. Now if it's only one ICO this wouldn't be a problem. But since these last couple of months there has been an explosion of startups, this could be causing the big major market drop.

In the long run though, this would mean that once the ICO's have a working product and start producing revenue and more users. Cash would start flowing back into the cryptocurrency market once again. Which in turn would mean the market cap should rise again. So #HODL would be the proper tactic..

What do you think? Like i said i'm new to this market. So i'd like to hear your thoughts!

Also, if you'd be so kind and upvote this post. That way I hope to reach more traders to start the #debate

Thanks!