Your very right, investing in altcoin is a very risky practice that's why I just neglect it, most persons that are attracted to alcoins are there cause of greed and want to cash out those 50x or 20x on their investment but fail to understand that most of this project have no real world utility, and are mostly ran by centralized communities that have other agenda to dump the projects.
I won't write off all the other altcoin, but I think exchange coins are another good set of projects to invest inm even if they might be slow in growing but they have better chance of survival than most other projects in the crypto market.
Investing In bitcoin and Ethereum is good but I prefer to invest only in Bitcoin cause all other altcoin are just duplicate of that same idea and bitcoin is still very early and can still grow even more, so I'll rather use this opportunity to boost my portfolio before it gets really too late.
those who want to profit from such altcoins must be very focused on the assets they invest in. They can't afford to miss the moment and are more likely to be short-term. avoid investing in such altcoins for the long term, it will only lose you money. The longer it takes, the more value it will probably lose.
Not all altcoins are indeed bad, but most of what we see nowadays are ones that come and go in a short time.