It might look like so, but the thing is that there are so many of these people, that those who end up learning from their mistakes, are still no match in number for those who keep making the same mistake. Great thing however is that the market has been going up continuously regardless of all this incompetence. Each time the price is going down, people act like it's something ground breaking, while if you look back, it all fits in how this market operates. People should understand that this isn't the stock or Gold market. In no shape or form does this market acts similar to how the aforementioned markets act, and that should be clear by now. It's like people don't think Bitcoin deserves to have this value, or even doesn't serve a purpose.
This is only a price fluctuation. The similar ones happened this year too, nothing to get surprised I think. We need to act carefully and watcht the market price. I hope it will recover soon after the altcoin bull market ends.