Most of the people who bought cryptocurrency bought it because of the hype to make fast money. And they always knew that when the value is dropping they will immediately sell their coins. Nobody of those people had trust in cryptocurrencies in the first place.
I think now that the hype is coming to an end some of the currencies will vanish and the big ones will stabilize. And in the long term cryptocurrencies will take over the financial system because people will start to see that they don't have to trust cryptocurrencies, but cryptocurrencies are built on distrust and anonymity.