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RE: Bitcoin's Reduction In Dominance

That could be true. However, if someone else (or many others) step up, wont that, in totality, compensate for what is lost with Ethereum, thus further reducing the dominance of BTC.

People keep looking for an alt season referring to price. However, the alts were developing the last few years (and continue to do so). This leads me to believe it will eat up a larger portion of the future crypto-based activity.

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Yep for sure it's possible as long as those blockchains have and build use cases. Many like Polkadot and a few others that are side chain I think will be the ones that get adopted in faster than a brand new blockchain.