This is an understatement. Basically apart from early days back in maybe 2010 there hasn't been any altcoin that aimed to exist independently. They all exist because bitcoin exists and dump whenever bitcoin goes up or down. In other words innovation started and ended with bitcoin.

I disagree. Historically altcoins have caused small drops in bitcoin but only small ones, they have never been able to "drag it down" significantly. The drops you see these days have nothing to do with altcoins either.