Most of the people who joined the crypto community at the later part of 2017, especially December were not any real crypto investors. They just heard about the booming prices and decided to join and also make profit. They don't know the potentials of the blockchain technology and the future it holds and that is why now that prices are down, they have all left the market and its left the real crypto enthusiasts. They are those who are seriously doing panic selling over the markets
Of course, you are pretty much right in this argument. Many, seeing that bitcoin is growing rapidly in price and making a big profit to others, also decided to get rich. However, this time Bitcoin is too expensive in value and this whole year we have a fall and stagnation of the cryptocurrency market. However, these individuals were the same as the previous ones. More than 90 percent join the cryptocurrency with a speculative goal to make money on it. Until the cryptocurrency is legalized by most states, the infrastructure for using it as a means of payment will not be widely developed.