Cryptocurrency markets by their nature are extremely susceptible to manipulation. When many exchanges were no fee, you often saw Bitcoin holders buying and selling their own coins in order to pump up the market capitalisation value. Hence, the introduction of compulsory fees.
The market now is easily moved by rumours, the majority of buyers are responding to rumours and chart based recommendations, responding to price movements and noise in an almost reflexive manner. There is very little effort made to seek out quality projects, people rather preferring to invest in anything with a low enough price that will allow them in time to become millionaires when the coin goes to the moon, and of course we all imagine we are the ones holding those coins. This is the madness of the crowd.