I have watched the market and the price of bitcoin is going up, and I think and also usually if bitcoin goes up then the altcoins usually go up in price, for example if btc goes up 3% then altcoins always go up in the range of 7%. but what I see this time is not like that, for example if btc goes up 7% then the altcoin goes up only 3%.
and I want to ask you all what caused the market situation to be like that? and have people started distrusting altcoins or what?
Altcoins usually follow the total crypto market cap value, not Bitcoin specifically, but the new money used to buy Bitcoin the most in a bear market as it's the safest bet. However, after Bitcoin's price gets stable at some point, money will flow from Bitcoin to altcoins, which will then rise to a most likely higher percentage than what Bitcoin made. Generally, what controls this correlation is the Bitcoin dominance chart, so you should watch this chart if you want to know when altcoins are going to rise, because when Bitcoin dominance reaches a certain point, the dominance will start to drop, causing altcoins to rise.
Actually, the number of altcoins now is much higher than a few years ago, which decreases the portion every alt gets from the new capital that's joining the market. Unfortunately, a lot of altcoins projects are scams, and there's no way to prevent them from joining the market due to the lack of regulations, so trustworthy projects might suffer injustice in terms of valuation.