Since the beginning of ICO and typical other interests of digital assets it is not clear whether those coins have an impact on, the market cap because they are crowdfunded or a security.
Jordan Tuwiner has created a new way to look at Bitcoin dominance. This metric takes out ICOs, stablecoins, and proof-of-stake tokens from the dominance index. The rationale is that all of those coins are completely centralized and don’t compete with Bitcoin. Currently, this dominance index is 79% vs the normally calculated 59%.
IF you look from this perspective it is easy to see altcoins still have no utility.