To be honest, this market has become a bit frustrating. Bitcoin has soared from 20,000 to 100,000, gaining momentum, but looking back, what about altcoins? They seem to be pinned down, not moving an inch. Every time Bitcoin breaks a new high, I fantasize about whether it's time for altcoins to take off, but the result has repeatedly disappointed me.

Where exactly is the problem? Is it that the overall valuation of altcoins has long been too high, leaving no room for a rebound? Or is it that early VCs have already made their investments, just waiting for each project to be listed on Binance and OKX before cashing out with a market cap of several hundred million dollars? Given that many new coins recently have a circulating market cap starting at 300 million dollars, it seems more likely to be the latter.

The story before was about undervaluation soaring, and now it’s about overvaluation slowly dying. On one side, Bitcoin keeps rising higher, while on the other, altcoins resemble a bubble inflated to its limit, yet failing to burst. The question is, how long can this bubble last if there isn’t a new wave of retail investors flooding in? Is the true altcoin bull market still far away, or will it never come at all?