Yes, not only there are stable reasons for bitcoin and altcoins dropping low, there are also drops and gains caused by news from media, government and also problem with trading exchanges. This time, the drop was specifically because of binance being hacked and the holdings that people hold in binance were automatically sold for bitcoin and then converted to a particular coin to make the coin pump hard, therefore the other alts and bitcoin dropped as a result cause all money was flown into a particular coin. Now that the hack period is now, market is recovering again and will become stable soon.