Bitcoin is in a bubble. "Anonymity" itself is unfortunately a nice-to-have value, not a must-have. Its price might increase again, and then drop, but that doesn't change the fact that some cryptocurrencies are valuable only because of scarcity and price-optimism.
Some coins do add value; by utilising blockchain technology to actually generate value. Steem as we know is powered by its users. JSEcoin allows browsing without ads via browser mining (I love this idea!). SiaCoin allows you to lend your extra storage space. Those might gain value in the long term; but are not for daily traders.
Bitcoin does seem to have some bubble properties. The utility argument only fades in time as other coins come to dominate in features and purpose. The Bitcoin brand also begins to falter, becoming more diluted with each hard fork. This current sell-off is a necessary correction for Bitcoin. Regarding the larger cryptocurrency space, the week of downward news from China and elsewhere brings some additional pullback across all levels, and Bitcoin is the industry's leading indicator.