The adjustment was imminent. Alts were quite hyped up back in 2017 when the bull market happened where the bitcoin dominance index was essentially artificially low for a long while because of the fact that people were looking for cheap and quick profits.

This is a different era altogether now. Institutional investors seek to invest in BTC more than anything, which is most likely why there is so much more demand for BTC in comparison to alts.

But some alts, like ETH, LTC etc. I think are undervalued in accordance to their long term averages, and could see bull runs sooner or later.