We can say it is in the similar state, you know most of the coins are traded with BTC, they are valued out through BTC. The more coins made are, the more fiat money comes in due to new investors entering crypto. Now if those new coins are deemed to fail, either the holders convert it back to fiat or they choose better options like BTC, that is why it is possible to reach that 100k mark even no merging is occurred. We just wait for good news around the world, new investors come in and then boom, prices surge.