There's absolutely no need for the vast majority of altcoins, and hopefully people are starting to realize this. Just look at the top 10 coins on coinmarketcap - two failed bitcoin forks, an insolvent stable coin, a banker's coin, two centralized scams, etc. Pointless money grabs.

Still, bitcoin dominance is a near meaningless statistic. I can create 10 billion tokens out of thin air, sell a single token to my friend for $10, and hey, my token now has a market cap of $100 billion and has just knocked around 17% off of bitcoin's market dominance. A hyperbolic example, sure, but with new altcoins being created out of thin air every day, and Tether adding in a few hundred million USDT as and when they feel like it, dominance doesn't really mean anything.