But many coins seem to move in concert (just based on casual observation). Additionally diversifying in traditional equities has the benefit of being exposed to

But many coins seem to move in concert (just based on casual observation). Additionally diversifying in traditional equities has the benefit of being exposed to multiple industries - lets say farms and chip manufacturers - that don't depend on the same commodities as inputs and don't sell products into the same markets. Crypto doesn't have this property - besides requiring an input of energy, they're not involved in any kind of production at all. So what does diversifying even mean for that kind of asset? In a recession, why would there be any reason to think that ETH would behave differently than BTC?