The volume is extremely high but it is not a panic waterfall collapse. That to me is very bullish. It indicates to me the smart money is trying enter at the lowest price they can before the next blast off.
Nearly all the altcoins are down because the market is confused and thinks that Blockstream has defeated Jilian Wu's BU, but I expect BTC is topping out at $1200 (range bound as I predicted many days ago) once the market realizes that this BS about SegWit signaling on Bitcoin gaining momentum is nonsense. Bitcoin will never get scaling. The market will digest this, Bitcoin will stumble and Litecoin will rocket up.
IMHO it was a big pump and the dump is just happening.
Bitcoin is recovering good and the funds will fly back from LTC to BTC.
Let's hope not but this seemed just a big pump and dump on the hype of SegWit implementation. It would be really bad for LTC if this was only a way for the big pools and holders to get rid of their litecoins.