Personally, I think low volatility simply means that there is a significant reduction in trading volume, and this is very understanding when we consider the fact that we are in a bear market, coupled with the fact that Bitcoin has become a really expensive coin to buy for those who do not have very much money to invest, so those tiny monies are now shifting to some altcoins rather than Bitcoin like it always has been in the previous years, we can confirm this by the declining market dominance of Bitcoin, Ethereum and some other major altcoins..
Low volatility means there's low trading activities going on and this isn't just in the Bitcoin but also in altcoin market because all cryptocurency are getting affected by the bear market and not just the Bitcoin market. Altcoins are losing value more than Bitcoin therefore I don't think people are gaining more trust in altcoins by shifting their investment over there, bitcoin dominance is also increasing as more people are selling their altcoins to buy Bitcoin.
Bitcoin halving is coming so Bitcoin is gaining more popularity than altcoins, after the halving of Bitcoin reward and during the period everyone is assuming that the bull market will start people will start shifting attention to altcoins and that's so they can profit from altcoin season.