The market competition is quite intense. BTC has only seen a small pullback, while some altcoins have started to experience large sell-offs. Currently, the funds in BTC and ETH are all being bought by institutions, and retail investors have not bought much. The rise in altcoins is entirely due to retail purchases driven by favorable market conditions.

As long as BTC and ETH show a downward trend, those buying altcoins will run away faster than each other. This is also why many prefer to short rather than go long. Many cryptocurrencies have reached critical resistance levels. Unless BTC breaks upward again, it will be difficult to sustain the rise solely based on retail investor strength.