this phenomena is known as Dead Cat Bounce. which when altcoins that never had any usage and no value, gained some fake value because of the pumps they received (which is a form of manipulating the market). and because of that they were in bubbles.
these bubbles started bursting and when they burst, price comes down in multiple steps like this.
it may also be the fact that bitcoin started rising up again and that can technically draw a lot of money out of altcoin market.
Right. And the shitcoins also take the good altcoins with them, although any inverstor should know what the actual product of the coin is and where its value lies. Bubbles fit to burst will burst, but good coins will stay on.
