Even if its much lower, because there is the potential for a new entrant that has better "features" so that demand for the previous coins drops, there will always be risk in holding specific coins.

Think disagreement between miners, changes to algorithms, forks of blockchains. Gold does not have the same risk.

One nitpick: I think the SEC ruled ICOs to be comparable to certificates from what I understood. This is quite different to stocks. I could be wrong.