We have been seeing a downward activity in the past 5 days which I believe was never expected to be this bad. Even if people were to sell of their holdings due to the bitcoin cash forking, the whole market was not suppose to be this totally red. I think someone else has to give a better explanation.
The market decline was predicted, and there is nothing strange in the fact that after the coolest 2019 rise, cryptocurrencies started going down. When they reach the bottom now (suppose it will be not compared with the bloodbath 2018 prices), the go up trend will appear again. I do not think that the panic will be the best decision now. Hold and simply wait for the next market jump.