It's only happening because of the failure of ICO projects. This year ICO projects did not reach to their main target and that's why they failed, where some are totally scam. This is the main reason of market fully red.
I don't think so. The failure of ICO projects may effect to some crypto coins, but it shouldn't impact to such coins like BTC and ETH. I think the main reasons come from the coins holders, whales, or negative issues.