Many altcoins will never reach their all time high again. Don't be fooled by altcoin ranks on coinmarketcap because many won't stay in top 20 anymore after we go deep into this bear market.
There is no doubt that the number of new altcoins are being created every day is much higher. There are currently about 20,000 cryptocurrencies in the coin market cap, not all of which are active. There were a lot of coins that made good reputation in the market, their trading volume was huge but they could not be found in a few days later. Many are lost in the bearish market. So if you spend your resources on all these projects then the risk will be 100%. It is not always advisable to invest in a new project and you should never make a decision by looking at the market cap.