From my point of view, everything is predictable. And the reason is:

 1. Large institutional investors are waiting for a decision from the regulatory authorities of economically developed countries. The winter was nervous, the position of financial regulators changed many times. The authorities are going to allow cryptocurrencies, then threaten to introduce criminal liability for the use of bitcoin (and not only in Russia). Looking at them, do not hurry to enter the market, even those who are willing to take the risk.

 2. KYC for ICO. For a small investor, this is not a threat (mainly). There is no reason for concern for a very large one, too, but he approaches the selection of investment objects very carefully and, most likely, there is already enough information about him from the controlling authorities. But the most common investor, who previously controlled the market, remained in a difficult situation - to present documents to strangers and invest a fairly serious amount, without any guarantee of personal security. After all, it is not difficult to find any person now, and an ordinary investor does not have the necessary opportunity to ensure his own safety. Accordingly, the "show" scared capital, the funds are in my wallet until better times and stock trading and investments are involved. It seems to be a plus for the price, because the trading volume is reduced, and the deficit should give rise to an increase in the price of the asset? No. Investors who have previously made a profit and brought it to the fiat currency (and there are a lot of such investors), do not return to the market again! The fall in volumes leads to speculative price growth only for a short period of time, and if there is a lack of an asset for a long time, investors are looking for another convenient tool. And the deficit and liquidity reduction are already different concepts.

 3. SCAM. In my opinion, it is the abundance of fraudulent schemes in the absence of regulation in the ICO that does not allow the price to grow. After all, what do scammers do when they receive a certain amount in bitcoin or Air? Right, trying to sell the cryptocurrency for dollars. It is not possible to make purchases using cryptocurrency everywhere. As a result, while investors are afraid to buy cryptocurrency, scammers sell it at any price.

 4. There are too many cryptocurrency projects. A huge number of projects start every day. And many of them offer a quick solution to the accumulated problems in the crypto industry, and look promising and high quality. But some of them scam. And all this causes confusion and misunderstanding among ordinary investors. A misunderstanding-a bad adviser to the investor. How to choose a reliable project? Nobody knows the answer. Many investors decide to wait a little..