Over the last couple weeks, when bitcoin goes up in dollar value, alt coins generally go down in BTC value. The reverse is usually true especially for the higher market cap alt coins. Bitcoin has been dropping all day with many of the alt coins holding their value and even going up (BTC value).
The alts just took a plunge in their BTC value after bitcoin went down around $14,000. My suspicion is that since the bitcoin transaction congestion has been so high, people can't move their bitcoin to add buying pressure to the alt coins on exchanges and finally, it just bottomed out. To me, it looks like an alt coin sale, but without stored bitcoin supplies accessible one can only look and not buy.
Having ethereum would be a solution, but it can be hard to come by if you want to convert your bitcoin to ethereum and it's on sale. What a situation and what a disappointment. If this theory is true, bitcoin really could be controlling the market in some unfortunate ways and discouraging people from involvement in alt coin trading.
Let me know what you think below!