Whole cryptocurrency's prices went down, altcoins more too. People saw the little decreasing and sell own coins step by step. Whale start this chain of selling coins and people will continue this chain and sell coins. Cryptocurrency need to good speculations chain.
You're right with what you said but only few people understand the strategy played by the whales because they are also the person that manipulate the market during the all time high price. Meanwhile, people will still panic sell even if we tell them what to do and I hope they can play along this time.