I think price of bitcoin is rapidly going down because of many negative news around it but not because of too many altcoin. China raise an alarm about banning bitcoin in there country likewise south Korea and we also heard that Google will stop crypocurrency Ad.This kind of negative news will discourage investors.
Hm. I strongly believe that news is created by the whales. Bad news always comes together, they never come separately. And when there are likely 100 bad news at once, the price of bitcoin will be drop dramatically. Right now, they are collecting bitcoin with a cheap price