Chinese new year really do affect the Crypto Market as the international major holidays like Christmas, Gregorian Calendar New Year and other important holidays around the world will do affect the Crypto Market because people tend to convert their investments into cash money in order to buy anything for the preparation, occasion  expenses, gifts for loved ones and other important things for the special holiday.
That's why Crypto Market will surge back every time the world special holidays are passed like previous years, Bitcoin, Ethereum and most of Altcoins do have droppings on special holidays especially on Christmas and New years.