You can buy whatever you want, Altcoins or Bitcoins. It does not matter, it is your own decision. The ICO's is bit risky for beginners and I would advice against taking that route.

Hi I am new here and not used to the volatility in the price, and will the market recover or is it due to selling during the festive season? 

In other commodity trading, drops like this is indicative of a market slump and may result in panic selling. Is this a true reflection or is it normal?