~90% drop in Adsense earnigs with the new year?

It's a very strange time. Last year we were doing quite well with ad revenue. We were making about $10-20 per day. However, with the new year, our traffic has been skyrocketing. Our traffic is up 200% from last month. But we're hitting record low adsense revenue. We're obviously thrilled about the rise in traffic, but seems like lots of people are having similar issues, including the same thing last year. Any ideas on how to fix this?

Our CPC and CPM rate dropped 90% substantially despite all the same ads being used. Any adsense alternatives we can switch to in the mean time. We're at the 10-15k traffic range.