Bitcoin keeps rising, but altcoins remain 'stuck'

To be honest, this market trend is a bit confusing. Bitcoin has surged from 20,000 to nearly 100,000, showing strong momentum, but looking back at altcoins, there is almost no movement. Every time BTC reaches a new high, there is always the expectation that it's altcoins' turn to soar, only to be disappointed repeatedly.

Where lies the problem? Is it that the overall valuation of altcoins is too high, leaving no opportunity for a rebound? Or have early VCs already completed their positions, just waiting to offload at high prices once they hit the exchanges? Nowadays, many new coins start with a market cap of 300 million USD as soon as they launch, and the latter possibility seems more likely.

In the past, we talked about the story of 'undervalued surges,' but now it has turned into the reality of 'overvalued slow deaths.' On one side, Bitcoin continues to grow stronger, while on the other, altcoins seem like a bubble that has been inflated to its limit but still refuses to burst. How much longer can this bubble last without genuine new retail funds entering the market? Is the altcoin bull market on the way, or will it never come?