Everyday I see lots altcoins on Binance increase 10-40%, then I look at BTC dominance and it stays relativly the same around 44.3%. Are smaller altcoins just draining Ethereum, XRP, ADA, NEO and other big coins of their marketcap?
There is a possibility of your theory that these small icons will drain some values of these coins but only a small percentage of it because to think the smaller Altcoins are the most cheapest to purchase for an investment in which you could buy a lot of them with just a small portion of your Bitcoin and Ethereum.
Not all altcoin is rising because i know more than we thought that the altcoin is dropping.
Some new token has proven its power to increase in this very low trust to crypto where the market cap going decrease. As always, altcoin which has very new participant who interest in the project will win.