So much of it is sentiment. I think, anecdotally, the idea that one can invest $1000 without even getting a single bitcoin, is driving them to look into alts instead.
Some in the community are pushing to speak in millibits, which are 1/1000 of a bitcoin. Buying millibits for $3 or $4 each sounds a little more palatable.
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I totally agree. There needs to be a change that will psychologically allow people to buy in. Sort of like when a stock splits in order to make it more attractive to average Joe investors. I suppose they already do this when talking 'satoshis', but they are just a one hundred millionth of a single bitcoin which is a bit small (for now).
I think that "millibits" is a very good plan. Especially for getting people in developing nations involved and active in the cryptospace. In country's where the local currency's and exchange rates puts the price of 1 bitcoin in ten's or hundred's of thousand. The shear amount scars people of and the fact that you don't have to buy a whole bitcoin is also not so well understood.