Many altcoins even more volatile that bitcoin, because they do not have the liquidity like bitcoin. It is necessary to hold altcoins somewhere, that is why appear wallets like https://twitter.com/ownrwallet/status/1503739848569589764 which allow to safety store cryptocurrency.
Inflation in many countries continue to rise. That is why many people are looking for new and prospective projects for investment hoping for the rise of the market.
Now a lot of new and prospective coins appear but all of then need to have a developed ecosystem and comfortable tools.