Crypto land is so new and so fresh that people aren't really aware what is happening and how they should react to it. The people who are aware are a very small percentage. It doesn't make any sense every coin to be down 20-40%.
Another thing is that Bitcoin is calling the shots, Everybody was looking for the 12,000$ support and 10,000$ support - now we have broken these support levels, people get uncomfortable and slowly start to realize that "the loan for Bitcoin" isn't going to work out.
Herd mentality is yet another factor for all of this.
Let's not forget about the political issues that crypto is facing - China, South Korea, Europe is also starting to grow uncomfortable with the size of it.
When we add the 10-20-50-1000x gains - you have it. Some people are cashing out their gains, others are cashing out out of fear.
Cool. What's with that dude flagging you? lol. Sorry, the article is good, but I got distracted by that. I checked dude's blog and what a flop. Ugh. Anyway...