Crypto is being manipulated, but for what reason I don't know.
What I am seeing is that it was in a very tight for a couple of month preceding the BCH hard fork. Now it's stair stepping due to an artificially periodic trading volume. Also at each step down, it seems trading is much more volatile - perhaps they are looking for the point at which people start buying/selling again - rather than just let bots do it. In any case, I've always considered the cryto market to be astroturfed. The recent happs since 11/15 just confirm this form me. Another thing is all the application/exchange support (esp early on).
Theories (not all mutually exclusive):
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(((they))) are trying to find the true level of buy support after keeping all crypto artificially high
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(((someone))) is buying as much crypto as they can - it is well known the central banks are making a run on gold; the result is artificially low prices
>>related pics
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all cc follows same pattern, except those tied to fiat
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last few months
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last couple of weeks, red and orange lines are the same length