Yay, cheap coins again!
Seriously, just think about where it has been a while ago.
I think one of the reasons for this "correction" (a correction for now, I don't think it will be that low in a few days/weeks/months) is that it became important to people using it as a currency (or commodity or whatever you call it) to have a stable value. No offense, but I guess it's harder to grasp for some Americans because the USD still is some kind of reference currency (currently! even though it MIGHT be just a matter of time until this changes), but there are markets for currencies. No, I don't mean places to trade them, but reasons for trading them (foreign currency loans to name an example). On a market new goods (currencies/commodities in this case) have be valued. That's why some people call it a crash or a price explosion, while other call it a correction.
All markets are a lot about fear, but we have seen that. When someone talks about a crash or a crisis in real life it's exactly the same. It might be reasonable to sell shares of a small company, which maybe won't survive as long as the share still have some value, but it's completely stupid for people to sell for example Google shares when the price is lower then it should be given the fact that they will survive and start growing again. It actually is the best time to buy. Hmm, but you just have to look at some kind of stock market chart and scale it to something like five years.