All of them. They're all spread as investments, but they're all highly more vulnerable to manipulation, because far less institutions own most of them. The majority of altcoin developers focus on marketing tricks --and even more into their pockets-- not on the actual thing. This justifies on why they're working outside bitcoin.

Not just altcoins. NFTs, ICOs --worthless tokens generally-- are dumped in bear markets, because bear markets expose part of the truth: Utility.