and I want to ask you all what caused the market situation to be like that? and have people started distrusting altcoins or what?
First of all I wanna say that, whole crypto world running by following the steps of bitcoin. Now in this case where bitcoin will go it also understandable that those will also follow that path. Then psychological sentiment apart from market sentiment are all reasons behind it.
But that doesn't mean the all-time the whole crypto currencies I mean all the currencies doesn't follow the bitcoin price. Many times some of coins dumps while bitcoin are running but most of the cases most coins are also follow the bitcoin prices.