The simple answers to your question are 1. Liquidity problem and 2. Shift of purpose.

*The liquidity problem in the sense that new crypto projects are just flooding the world of cryptocurrency, so the money that should have had significant effects on the little existing one is now being shifted and distributed among all cryptocurrencies. This is the same issue that has not made Bitcoin rise significantly above its ATH as widely expected.

*Shift of purpose in the sense that people do not always believe in a good project again but invest in crypto on purpose. This is why the meme coins become the most popular now because you can make easy and fast money from them instead of waiting endlessly for many other crypto assets. As for Bitcoin, it is the pioneer, so institutional investors will always prefer it now to all other altcoins. So do not be surprised if you see Bitcoin buying and altcoins hardly do the same.