#美联储重启降息步伐 Do you still remember how crazy the last altcoin season was? Most people either missed out on that wave or have conveniently forgotten it by now.

Just take a look at the charts of altcoins that survived 2020-2021 and are still around today—you’ll notice something. Most of them crashed all the way down from their peaks to November last year. Even if they bounced once or twice in between, they still dropped by at least 10x, and the worst ones evaporated by 100x. That’s the market squeezing out the bubbles. Those past highs? Yeah, all just bubble tops.

But don’t just focus on the drops. Looking back, when those altcoins first launched, their market caps were only a few million to a few dozen million. They went from nobody to somebody, step by step, fueled by speculation.

Take DENT for example: after launching in 2019, it bottomed at 0.000065. During the first $BTC-led rally, it barely moved, just ranging and drifting lower. It wasn’t until the second round of major coin rebounds that it shot from the bottom to 0.022 in three months—that’s 338x. And then? Four years of decline, hitting a low of 0.00018 last month.

When have you ever seen a major exchange list so many altcoins trading below launch price? Even those on the main board now have market caps of just $10-20 million. Some projects raised tens of millions, even over $100 million, and now their token prices are below institutional cost—that was unimaginable before.

So will these coins go to zero? Do they still have value? Once you figure that out, you’ll know what to do next.

A lot of people are calling this a bear market. I’d say it’s just an altcoin bear. The brutal crash of the past few years is actually a good thing—it forces the market to stop inflating valuations and brings altcoins back to a reasonable price range, setting the stage for the next bubble.

Remember: Altcoin bubbles always come when no one believes in them. By the time most people catch on, they’ll end up holding the bag again, just like last cycle. $BTC $ETH