I think it's because the whole market is underfunded, so that's the key factor.
The whole market is not enough to support such a big industry.
That's one of the reason of downturn but through panic selling effects, the people who was actively trading might think it in a wrong impression. More individuals will be afraid to pursue their holdings, so they sell at an earlier span of time. Buying demand could be accommodated if those holders sell their asset eventually and the other parties will still wait for the price to grow further.