Really depends on the market right now, all eyes are on BTC. Or should be on Bitcoin. Likely alts are completely REKT right now, if BTC goes up, alts will go down, if BTC goes down alts will go down aswell. If Bitcoin can set another bullrun in we will see another altrun aswell likely but I'm personally very bearish.
...I agreed of your reasons that it's really depending on the market and usually, bitcoin is as the main source of information regarding the price value from cryptomarket. Actually, Etherium is also a highly on demand like bitcoin.