Current year has been bit worst for crypto coins. Apart from values, we have ICOs in the market with best projects. So what happened is the investment spill over too many ICOs and thus bitcoin value remained below $6.5K . This is another reason for all altcoins values remain under a threshold. Hope we have more investors pitch in investing into bitcoin.
I think the red market is in profit taking in the market. Accompanying that is cutting and selling off the profit taking of the previous buyers. They have not or do not intend to return to the market as a market capitalization.