Not wanting to get caught out, the opportunity to double your profits is much greater compared to holding coins/tokens in the top 10 market caps.
Now the situation has worsened a bit. I'm not increasing my holdings, just holding them. If the price continues to fall, that's my opportunity to buy back.
Many altcoin investors have already locked in their losses. I have a few altcoins, but if I sell them, I'll lose 60% of my investment. I've been waiting for years to sell at a breakeven or a small loss so I can avoid making the same mistakes when buying altcoins.
Everyone who's got altcoins right now are in the same situation. We're only waiting to at least break even because of the price that we've bought them in the past.
We don't mind getting some profits from it and waiting for too long seems to be not worth it anymore.
Taking the loss instead of selling to cut that loss doesn't look acceptable and we've got the same feelings about it.
We rather wait and gamble a bit in hopes of a possible come back for these altcoins holdings. And if there's a reversal, I am pretty sure that everyone will start to sell it to buy btc or keep it in the moment in a stable coin.