Such a drop is natural because some investors sold their targets at the price of $120K so this is a slight correction reaction but until now it is observed that the market is still quite safe with the current bitcoin price and soon the price can be above $120K again or a new ATH will come.

Just guessing then that market dominance lifted altcoins to increase and now ETH is getting closer to $3500 people think this will soon be altcoin season but if for example Bitcoin continues to rally it could be that altcoins will experience a sharp increase.