100% correct, it's still bitcoin which are dictating the market, and the sad reality for altcoins is that they just follow.
Bitcoin owns at least 60% dominance of the whole market, and the rest belong to all altcoins, including ETH, so that would explain a lot already.
which makes me wonder, even after BTC did some improvements we don't see improvements happening in the altcoin market. bitcoin is quite good in the market, while altcoins like ETH are very slow in returning their prices.