I hold many cryptocurrencies, and your argument is only valid if people don't switch to other new better cryptocurrencies.

There used to be very strong network effects, but now that you can exchange coins easily, it's trivial to move to a new shiny thing.

On the plus side, Bitcoin has a brand name and recognition. An average person has no idea about Ethereum or Monero. In my opinion, its brand is the only thing keeping it afloat. Other coins are clearly superior in functionality (except maybe the hash rate).