It was a sharp correction that's long overdue. Especially for the altcoins which had gone up so much, so high. It's a shakeout of jittery holders. Especially those who had come in rather late to the party.

But those who had come in earlier are still way ahead and sitting pretty. With many alts, one should have gotten at least 200 % over the past 3-5 weeks. That's a nice cushion to sit out this kind of price correction.