Altcoins were going down because bitcoins prices are falling since the start of this year and most of the altcoin price just depends on the bitcoin so we will see the recovery on altcoin when we see the rise in bitcoin price.What we need to do now is just remember the volatility is just a normal in the crypto field so we have to keep patient and keep on holding to make profits from our investment.
Thanasis has it right. This is a continuing pattern. All coins are currently tethered to Bitcoins price. If Bitcoin goes up, so do Alts. If Bitcoin goes down, so does the market.
That being said, this space is very new and has many problems.
The first project that can start crossing milestones no other crypto can should detach itself from Bitcoin's value and be in a different category of its own.