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Quite expected considering that there are a lot of crypto coins out there that do not even have a single utility at all.
Some just are purely copy-paste of the previous ones for quick bucks of course and would just die out after time.
Top coins are mostly the safe plays right now.
During the last bear market this was all about ICO and this time the market is shed with NFT, play to earn tokens, Defi, and memecoins. Very few are real-time projects that have got a minimum viable product. It looks similar to the previous bear market, almost every coin have dropped drastically and the bounce of bitcoin will cause mutual growth forward. So people are into diversified buying a different altcoins.