This is a market money flow issue. Here's what I believe is happening:
- Money flow into all cryptocurrencies has slowed over the past week. This can be seen in the total market cap of all cryptos (see coinmarketcap.com)
- Crypto newbies do not understand well all these terms and concerns UASF / UAHF - what is bitccoin cash they are asking and this is causing FUD - so they are staying in fiat cash on the sidelines.....
- Some people predicted a fall in BTC prior to Aug 1st... this made no sense - it has risen - one reason being many want the bitcoin cash "dividend" to sell as a bonus - "free money"
- Since little new money is entering the market those in cryptos are selling altcoins (i.e. everything not bitcoin) to buy bitcoin . This in turn increases bitcoin's price and depresses altcoin prices.
and the cycle feeds on itself and here we are. Next week will the new money come in to keep altcoins afloat?
Lastly, we need fewer ICOs and some coins to go to zero over time so that the higher quality coins are visible and become the clear winners and investments beyond BTC.