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 main reason for the market being red in 2018 is because there is a big dump or a big correction after the very high increase in 2017, so far I can still feel the value of crypto in the market can still be normal because it can last above $5k. So I personally don't feel worried about this situation. In addition, all ICO projects are also experiencing a difficult period because many negative issues are circulating.
As I think that there are many reasons that lead to red market, and we dont have any clear reason for this items so I dont think that it has any main reason. Yep pump and dump both affect to the market. Fake news is considered as a key sign of pump and dump scam. It may lead people into FOMO psychology, especially it affects to those who are greedy and dont have much knowledge especially no one can deny that in this year 2018, bad ICO is mentioned as a scam regularly.