I take seriously the ledger-refinement point that has endowed Bitcoin with uniquely strong hands over the years, and of course Bitcoin's position isn't maintained merely by its price, but by infrastructure, track record, dev team, length of time at very high valuations (gigantic bullseye for attackers), etc.
I agree with this. Look, LTC got to within 20% of BTC on a price basis briefly (market cap was smaller since LTC is newer but that's a relatively small effect), and there was no real threat to Bitcoin there.
This is a young market and a young technology space. There will be a lot of churn, most of which is best described as sound and fury signifying nothing.