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
This might be right to some extent but it is not categorically true because no enough proof to show that this person or that person was involved in such situation during December 2017. I think FOMO might also be the reason but as it is the Market sentiments comes into play and we have found ourselves were we are today so let's hope for the Best to come.