An interesting topic, what is a reasonable valuation for an altcoin? Are there any altcoins in this market with fundamentals? What are fundamentals, consensus, income, or something else?

Just think about it for a moment, and you will realize that consensus and income cannot explain everything. It is very normal for a product with income to drop 90% in a bear market because the income in the crypto world also follows the bull and bear trends.

So the most fundamental thing is one thing: liquidity.

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Macroeconomic Liquidity

Macroeconomic liquidity based on the US dollar system will provide an anchor for the overall risk market.

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Peer Project Valuation Comparison

A commonly used peer project valuation comparison, for example, public chains, DeFi blue chips, and meme coins will have a rough valuation anchoring over a period of time.

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Vertical Hotspots

Over a period of time, there will always be some hot sectors that enjoy liquidity premiums.

For example, DeFi in 2020, NFTs in 2021, inscriptions in 2023, Sol meme in 2024, and AI.

So, what is a reasonable market value for an altcoin? It completely depends on the liquidity pricing of these three aspects.

This is the only fundamental.

So, does the saying that price will return to value apply to the crypto world? I think it can only apply to a limited number of coins.

And all other altcoins have no value, only liquidity pricing, looking at macro factors, categories, and hotspots.