Of course it is bad because most altcoins (even ethereum) is still tied to the price of Bitcoin or what we say they are base on satoshis. If Bitcoin's price fell, then so do altcoin. This is how the market goes. Some say that some altcoins are staying away from Bitcoin and they are only going to base on USDT, I doubt it will work.
It won't work I guess, Alts are still relying with Bitcoin and that's still the fact inside this industry,when btc dropping Alts surely followed they are not exempted as investors will keep their Bitcoin against Alts, trust coming from investors are still for Bitcoin and it will stay that way.