Not sure yet, but it could be that we are in the transition to the next phase:
If I were a market maker and want to accumulate more btc before the inevitable halving and 'consensus' price rise, I would definitely:
0. Accumulate on the almost forgotten alt coin market
1. Spread FUD so people sell their btc, btc price drops
2. Pump altcoins. People sell their btc in the chase, btc price drops further (<--- we are here)
3. Dump expense altcoins for cheap bitcoins.
4. Let the bitcoin bubble occur because of 'consensus' and halving
5. People sell cheap altcoins for chasing expensive bitcoins
5. Sell expensive bitcoins for cheap altcoins
6. Spread FUD
7. Rinse, repeat.