A clear shift on the market can be felt. Instead of trading altcoins, people nowadays are doing leverage. Maybe they got tired waiting for the new alt season.
Yesterday right before the collapse, $150 million of long positions were completely liquidated on Bitmex. Logically, it creates a sell pressure on the market and the price goes down, causing more long positions to be liquidated in a chain reaction. Of course, this is just one suggestion of why the collapse happened in a matter of just one hour.
Which one you consider better?
It's a very interesting thing to ponder.
I personally definitely see people shifting from investing in altcoins to investing with leverage, because alts were initially seen as a leveraged position on bitcoin themselves given how volatile they are.
With bitcoin dominance continuing to climb, it should be no surprise that people would rather trade on a more liquid derivatives market that can provide more upside, as opposed to the less liquid, less hyped alt market.