Can you imagine where these projects would be if people just chose to not liquidate and wait out of conviction until the market reached one trillion?

Most markets overshoot. The SPX500 did in 2000 in dot-com bubble, when any business with dot(.)com went for moon. ICOs are definitely in bubble and that bubble burst is affecting all cryptos. An ICO with a good looking website, a white paper based on simple upgrade from another protocol, a few well-known board members should not bring in $200M seed-money and can't rise for ever. It was similar to 2013 BTC bubble correction when even cat or bat coins were going for moon. However, crypto-market may see more bubble and bust than usual Markets due to big number of speculators who want be quick-rich and low barrier to entry. However, it is also breeding space for innovations such as new tech giants came out of 2000 bubble: AMZN, GOOGL etc., who knows what STEEM, BTS, EOS will do!