Most coins have lost 50 to 80% of their value, many tokens that were financed with expensive ether may now have their funding reduced due to their holdings. Do you think many of the ICOs have sold their ether and bitcoin during the last months? What other factors are making the market go steadily down?
Market is going down because most of the big whales have existed the market when bitcoins reached $20000. Small investors will never be able to buy bitcoins in those volumes and thus demand is reduced.