Altcoins are dropping sharply, the fundamental reason is:

When Bitcoin rises, many people buy altcoins, and the market manipulators take the opportunity to sell wildly, resulting in most altcoins not rising as much as Bitcoin.

Market manipulators hold a lot of tokens, they only sell and do not support the market, and when it drops, they sell even more. In the past, it was difficult to list tokens in the crypto space; market makers paid attention to token distribution and market control, and exchanges had strict requirements.

Now, Binance can list many tokens in a month; listing has become too easy. Market manipulators only care about selling; if a project is not good, they just switch to another one with a new presentation.

With USDT and resources, it is very easy to list tokens. Exchanges do not take action; if they were to enforce market support, project teams might support the market, and altcoins would not drop so severely. It is all due to neglect.