When bitcoin drops to $30000, this is a disaster for most traders who buy bitcoin and altcoins at a price high.
It was a disaster to traders which haven't experience it before or unaware about the volatility of the crypto currency market because it was the time to re-strategy.
We didn't expect bitcoin to fall this low, so causing altcoins prices to be dumped very deeply. For traders who have already lost over 25% in trading
This is the reason why people are advise to know the risk involve in crypto investment/trading and trader with good experience in coin selection won't make any lost if she could keep her holding till another bullish market.
then it is best not to cut losses because it will make lose some capital. So believe me, the bitcoin price will back up again and altcoins price will rise again.
The market will rise again but it hard to tell if the bullish market is not over.