It's not that I don't trust bitcoin. The price fluctuations are not a result of the coin itself but of people. With everything happening lately I feel that people are growing distrustful of bitcoin and cryptocurrencies as a whole. It's causing a lof of large fluctuations.

I know bitconnect shutting down had a huge hit on the market. Even though it was trading with it's bcc tokens it caused panic in people less knowledgeable about how it all works. As such they sold off all their crypto and caused the market to dip dramatically.

I would say bitcoin is the backing for the entire crypto market. The values are linked and everyone bases market values on bitcoins trading value. So seeing huge dips causes people to panic sell which makes the dips larger.

Just my 2¢