Because of the value of Bitcoin, people will hoard it,
On the contrary, people will choose other cryptocurrencies because it's cheaper than BTC in the hopes that it will also rise in value.
I believe "value" in the op is referring to the underlying value of an asset and not merely it's dollar equivalent. Every altcoinbis cheaper than Bitcoin relatively, but it would not offer more value as Bitcoin is more likely to growing dollar equivalent and adoption than all other currencies.
Some still fall into that trap of buying coins simply cause they are dead cheap even though it does not translate to higher potential for growth.