Bitcoin itself has too many problems. it is possible it will recover and do quite well, or it could fall further. How do you value essentially nothing? But the slow transaction times and the high transaction fees are hindering bitcoins future growth. XRP (ripple) is one of the companies that increased, as it is both fast, and low costs, and industry has taken notice. Personally, I don't like the 20 ripple account start up fee/reserve.
As many has noted, many cryptos trade against bitcoin. The decline in their value doesn't suggest panic in them so long as their fall is relative to bitcoins. What is happening to the money that is exiting crypto is the question.
My biggest concern for bitcoin bubble burst are the fools that mortgaged their house to buy bitcoin. I don't know how many of them there are, but if they are ever forced to sell that could hurt.
But eventually people will put more money into it, people may return to faucets again if it gets too low, and the payouts in satoshis on various platforms will increase that will hopefully go to ppl who hodl. I been waiting for btc to return to 13k myself just to exchange various points for bitcoin. Maybe I should see if it goes lower now that 13k was hit.
Bitcoin is currently controled by banksters and that's why the fee's are so high and transactions slow. They don't want to fix the problem.
I think BTC will go up for a couple of years and when it's market cap will be in 20+ trillion $ they will drop it to 100$ and crash their monetary system only to blame it on BTC.
The $ and all other currencies are fake and will return to it's intrinsic value of 0. BTC will provide a justification for it.
But before that happens it will go to 200k or more so more new people get hyped by the "great opportunity" to get rich BTC offers.