If we may see in year 2017 last Q4 the investors and traders are mostly interested in buying Bitcoin (BTC) and Ethereum (ETH) for sole purpose for exchanging them with other new specific ICO token so that they may sell btc and eth, buy other ico coin on behalf of them. They actually do not want to own Bitcoin and Ethereum, as a short way to get what they ultimately wanted. The owners of Bitcoin and Ethereum did not want to sell. They where a believer of Bitcoin and want to holD long the Bitcoin and Ethereum so they can sell it in huge profit.
Therefore, then the pressure run- on the bank therefore the bank got panic. At that time, pressure from the United States controllers in Q3 and Q4 of 2017 brought about slow which is the end of ICOs by mid 2018. From that point, New token issuer started to accept fiat without the need of Ethereum which lead down the value of Ethereum go down. In an “offer ask world,” the market failed.
The present market scenario where the price for all the cryptocurrencies which are correlated to one another. If you will look over Coinmarketcap you will surely get the correlation between the coins price is there related to each other one is dependent on other coin. Bitcoin and Ethereum will get over all together, and most different tokens are correlated in the same way. Bitcoin can raise or drop the cost of any token, but it now appears that gravitational pull works in both directions.
Bitcoin itself is resilient, proven by its survival of multiple Mt. Gox-type events and numerous up-and-down cycles. The long-term curve for Bitcoin is up and to the right. Many of the managers became delusional due to their experience of traveling the world and completing their ICOs, thinking that BTC and ETH would only go up and up while failing to exchange enough of their crypto for fiat. Not only did they have startup risk, but they foolishly added FX (foreign exchange) risk.