The price seems to be largely dictated by the speculator market moving between various other options.
Once you buy BTC you quickly realise the charges for changing it in and out of fiat are too high, so it is preferable to hedge in and out of Alts instead of $s as BTC swings up and down. I expect that plays a part.
But there are also a lot of us who would not sell 'all' of our Alt coins regardless of the BTC movements, so eventually the excessive swings relative to BTC movements go the other way and Alts get dragged up by the BTC gains, as hodlers continue to hold some of their Alts through to the other side of the boom or they get re bought when it stabilises.
Everything will depend on BTC for those who sold some and are hoping for a bigger drop before they rebuy. If the ETF passes then 10k sats could easily be over 30c within a few weeks. Not that the ETF seems likely. I'd be pretty happy to see us at 20-30c a coin and even happier to buy more MAIDS at sub 10k prices, so a serious BTC boom is fine by me. Liquidity is king at the end of the day. As long as you save a few btc you can always take advantage of these cycles. You don't need to catch the falling knife perfectly, as long as you can feel good about getting more MAIDS stashed away the dips don't feel so bad.
On the other hand, 12c and alpha etc will be big booms in themselves and proportionally probably bigger than the BTC one So you have to make sure you are still fairly exposed to that if it comes unexpectedly. A fine and gradual balancing act. Much easier to just hold and ignore it all until safecoin, or punt very small %s that you don't mind banking when you're wrong, you can't cheat an honest trader