In my opinion I am beginning to believe that all the funds that were suppose to get into bitcoins for it get to a higher price are diverted to purchase ICOs tokens and this might be the cause of bitcoin fall. If I have bitcoins, and I spot an ICO that has a potential to be the next great coin, I will probably sell my bitcoins for it, and this I think is part of the cause of bitcoin fall. What do you think ?
Of course, the appearance of a huge number of new coins attracts people and they begin to invest in those coins that they think will be popular in the future or are already popular. I agree that this affects the number of bought bitcoins and other cryptocurrencies.