Sort:  

There are simply too much coins. Who really need them? There is no real USP and Bitcoins still lead the market. When BTC goes up/down, they all go up/down - even SBD.
Algorithm changed, the Masternode-Stuff is new. All we need is ONE coin without transaction fees. Not a new one every hour. SBD/STEEM is quite nice. At least backed by content. Backed by porn and even cats.
For me this all not much more than a game. Having fun pre-mining coins. Most of them never seen at exchanges :-)

The early days of most industries are filling with a lot of excess variations while the market is trying to figure out the "best" way to do something. We should start to see new ICOs die quick deaths and have harder times raising money.