Well I'm still buying a small amount of bitcoin every week, and ethereum every two weeks. I have an automatic purchase set up, and I've been doing that for over a year now. If the market does good or bad, it doesn't matter, I'm still investing the same amount. It just means I get a little more or less fractions of a coin that week.
I'm using the concept of dollar cost averaging and holding long term to help minimize the risk I'm taking, but I am certainly taking a risk. I did make a larger purchase early on with Ethereum but I'm still buying now.
My point is, if you bought two months ago when it was near its peak, and panic sold two weeks ago during the middle of the crypto downturn, you might be looking at things a bit too short term. I made a larger investment during a downturn two years ago and watched my investment go down to 25% of what I paid, and stay there for over a year, but now two years later it's up 300%.
You need to be patient and only invest what you can afford to lose, just like any other investment.
That being said, I don't disagree with you in regards to ICOs or the speculation on some altcoins feeling like the penny stock market. It absolutely does, and I mostly stay out of that (I have put small investments into some 'penny altcoins'). But I mostly stick to the big three (Bitcoin, Ethereum, Litecoin).