Yes, this is the root cause of the current market decline. The market has recovered its ideal and people no longer blindly buy shit coin. They are beginning to understand whether this project is a good project.
I agree with you with that part. Last year was the year of the creation of altcoins where investors buy a lot of shitcoins for the hope of getting some profit but some of them are legitimately blind to the fact that this coins doesn't really have any use. Also the early adopters and airdroppers just sells it after getting some values. There's still a lot of altcoins being created that is useless but people are getting smart now, they are now aware of cryptocurrency which makes this year better.