I think a lot of people got into the market in late 2017 thinking money is easy to earn and they can just buy any crypto and get rich.
This attracted too much attention and now the market is sold down by all these new investors who are getting burnt and getting out of
I think this holds most of the truth. I also think it has to do with early investors taking their first payouts and people being very hesitant to re-invest with the scam and ponzis that have been going on in the scene.