ICO's The New Crowdfunding Craze?

Sites like Gofundme, Kickstarter and Patreon have long acted as ways to raise money, with each raising about 400 million dollars or more a year. However in the increasingly digital age are ICO's beginning to become the new crowdfunding platform of choice? I've seen many ICO's gain more investments in a day than major crowdfunding sites gain in an entire year. It's kind of amazing that a new coin can have a market cap of 300 or 400 million dollars in a matter of hours. This leads to the question, are ICO's overvalued, or do they just offer a superior way of raising money compared to other platforms. Are we going to start to see many new companies pop up and abuse the ICO system to gain better funding? Are we going to see companies that have nothing to do with cryptocurrency to gain funding in this way? What are your thoughts on this situation?