If I were to interpret the current situation I think Zcash made the short-term weak-hand (those that do not yet understand maid) speculators jump ship either to zcash or more likely to btc. That would have happened anyway. The volume in Poloniex is quite low at the moment with ETH leading with 8k (compared to ~80k, or xmr´s ~100k volume on peak bullish days). That shows that the price is moving down so much because there is no buying pressure.
I think the selling (and lack of buying) subwave Zcash brought about is part of the greater BTC wave. IF Bitcoin starts going parabolic from here, then a lot of altcoins are going to shit the bed. Bitcoin is ruthless in that matter. There is yet blood on the streets but if bitcoin should continue a multiweek run then the streets will be paved with long-term holders guts (so hide your private keys so you can´t sell!).
BUT if that does happen then although altcoins will get massacred there will probably come a overall altcoin market rally from the ashes and that will surely be a spectacular one
The SALE is on! My personal opinion is that buying at the current price (~0.00010400) is already going to produce a very healthy gain even as soon as in the next 2-3 months.
And as always, he who still has liquid money at the bottom is king!