Well, last 30 days shows no change due to news, despite all the bad feeling about it expressed on this forum:
Market caps - NXT is red, BTS is green. Notice they're basically the same? This says to me the dominating factor isn't inflation.
I agree that the dominant factor was probably just the crypto bear market, not inflation. But inflation did probably have some effect (there were definitely a couple periods where we dropped 10% more than other cryptos, right after dilution announcements and plan changes.
Also, while BTS performed similarly to NXT recently, both have performed weakly relative to the average altcoin during this period, and both actually had periods of terrible PR during this period. NXT was plagued by horrible PR during the whole bluemeanie theft fiasco.
(People were accusing him of stealing a million NXT by not delivering on what he promised to develop, he claimed he wasnt paid, he then revealed personal info of prominent NXT community members including calling their workplace and trying to get them fired from jobs, etc).
I was following NXT at the time because I had some, and it was approximately as horrible as all the FUD in bitshares, where we had all these posters saying I3 was a scam and had robbed them and calling bytemaster 'the bug' and so on.
Compare that to the charts of altcoins that have had good PR during this time, such as Counterparty and Ripple. I do think the bad PR had some effect. I would say that you are correct in saying it wasnt the #1 cause however.