Will there be another season of altcoin craziness like in 2021?
The altcoin carnival of 2021 was essentially a product of timing, location, and human collaboration.
At that time, GameFi and Layer2 fields were just starting out, and small yet effective projects like AXS and SOL were indeed solving real problems, combined with global monetary easing that created the myth of hundredfold returns.
But now the market has long since changed, and the institutional-led trends are more rational and restrained.
This round of the bull market has clearly changed its gameplay. Funds first flocked to BTC and ETH, while most altcoins continued to decline until Ethereum stabilized above $1400, at which point some quality projects began to warm up.
The market no longer believes in castles in the air; 2-3 times returns have become the new ceiling for altcoins.
Today's crypto market resembles a mature stock market, with sector rotation replacing widespread surges.
Those hoping for "all coins flying together" may be disappointed; structural trends are the new normal.
After all, even the big players have upgraded to institutional players, who do not blindly chase after price increases like retail investors.
The key to all this still lies in the Federal Reserve's faucet. Although substantial monetary easing has not yet begun, smart money is already positioning itself in advance.
In this market, expectations are often more important than reality, and cycles always repeat similar rhythms.
