Altcoins don't really relate to real world economy that much. But it does relate a lot to bitcoin.

If bitcoin experiences a bull market, then so will altcoins. The specific prices are determined by supply and demand on the free market.

And usually, altcoins are more volatile than bitcoin which means that when bitcoin is fluctuating, altcoins will usually go in the same direction as bitcoin and some more. For example we saw altcoins outperform BTC in times of big price swings last year, e.g. ETH, XRP etc.