For an alt-coin it depends whether you're gaining market share (rising vs. BTC) in the process.
Once you're in a strong main contender position, market leader weakness is generally a positive though.
In the case of Bitcoin, excl. XRP they already have a 92% market share, it's not any alt-coins interest for them to grow that. Besides inflation, I also think Bitcoin volatility in particular is really hamstringing Crypto's growth as retailers sell immediately for fiat so greater utility & transactional use adds a lot to BTC selling pressure. Without constant good news BTC generally trends down and takes the whole market down with it. So crypto is sucking a lot of investors money in but not growing and discouraging investors. The sooner it is challenged by a strong contender with low inflation and stable currency options, to see if that can reverse the trend the better for the industry as a whole imo.