The alt coin market is even weaker than you think... Check out this observation.

If you look at the total2 (crypto market cap without BTC) & total3 (crypto market cap without BTC & ETH) metrics, a MASSIVE portion of both are made up of wrapped versions of existing assets, stable coins, & liquid staking assets.

Out of the top 100 assets on coin gecko:

total2 ≈ 29.7% wrapped, liquid staking, stables

total3 ≈ 38% wrapped, liquid staking, stables

this really changed my perspective about the space. Scrolling through the top 100 assets for the first time in 9 months was pretty depressing.