That's true to some degree but you shouldn't forget that not only the overall market cap grew, but also the number of projects on which the money invested is being spread out. I know we have a lot of new people every day coming into crypto, but we also have a huge number of new projects that ask for money.
Interesting thread. Total market cap of the crypto-market totally depends on Bitcoin price, because people use Bitcoin to buy other altcoins. As bitcoin rise, total market cap rise; when bitcoin drop, total market cap will fall too. Does it fact surprising you, Sir?

No, the fact doesn't surprise me, but we are talking about two different things. I am saying that the assumption that every single project will rise again to ATH when Bitcoin rises again might be flawed, because the number of projects is also increasing every day, thereby creating more choice for X money. The question is what is X?