There have been numerous instances that the cryptocurrency market experienced a dip in value. Bitcoin and altcoins both have felt the wave, with many putting short orders on their entire balances, further pushing the crypto industry down - for the moment. This is nothing new for a volatile market such as crypto.
There is no need for investors to make mistakes of others in the past by putting everything on the line due to their fears. Control emotional trading, regularly do an analysis of the market (both tech and fundamental) and keep calm mind all the time.
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Sometimes you can't tell a person not to panic because if they see their hard earned money turned into ashes they will likely to panic. I recommend them to cut some losses if it is still small.