well that is what happens when a big shitcoin with a huge supply like ETH gets dumped. today Bancore was hacked and they stole $12 million worth of ETH according to the news.(some sources say $23 million) and as they started dumping it and a lot of its tokens the market cap started declining and pulled the price of all the market down with it.
a 12% dump of ETH is equal to nearly $600 million market cap going up in smokes. that is how fake market capitalization is.
It's Bancor, and yes, it seems to be another nonsensical project technological wise. Maybe their intentions are good, but the way it's delivered made me expect something like this sooner or later.
We have so many of these weak points, basically MtGox situations in which a ton of funds are a hack or an inside job away from creating these big crashes.
The altcoin bubble will eventually end and Bitcoin will finally be safe from shitcoins crashing and having an impact on the Bitcoin price itself because people are basically idiots that will sell their coins (even Bitcoin) because they learn "crypto hack" in the news.