Essentially, it is a bunch of people getting paid to promote something. It creates an illusion of positivity around whatever it is they are shilling, and they want others to buy into it to increase bitcoin price(which is a classic scheme). The entirety of the cryptocurrency market was driven into a bull run due to constant hype about bitcoin and some of the other leading cryptocurrencies. Then when we hit the peak it couldn't sustain itself any longer because the price was not justified. We are where we are at now price-wise due to the effects of the bull run wearing off and the bear market took over.

Though I do believe we are close to being out of a bear market, and that prices will steadily rise over time due to the fundamentals of cryptocurrency.