There's way too many crappy and scammy projects in the market. Hopefully this diverts capital into the bigger more relevant players, but who knows. BTC dominance has been rising but it's still only around 45%. It hit 55-60% in the last bear market. That would suggest alot more pain for alt coins. Like you said, until the FED dials it back and we get a more risk-on environment it doesn't look pretty.