No mostly it are traders that trade in bitcoin pairs, dont forget if bitcoin go to the 1300 we will see probably another step down.
Thats how it works bitcoin up alts down, bitcoin down alts up. Just there is also an overreaction and fear added on alts, cause they dont wanna be in alts when bitcoin takes off.
I notice that coins like, Factom and Maid always suffer more then other alts that idk why.
But basic model is btc up 5% alts down 15%, but also visa versa.