Recently, the price trends of small-cap altcoins have risen a bit from the lowest point in early April, but most of them are soft and lack strength. This tentative rise is like drawing the letter W; it rises a bit and then falls back down, rises a bit more and then drops again, and after a lot of back and forth, it’s still spinning in place.

One reason for this is that besides the Alpha zone on Binance, there is a special focus on promoting small-cap altcoins that might go to spot trading. Originally, there wasn't much liquidity in the market, and this zone also siphoned off some hot money, so the real big trends for these small coins haven't even started yet.

The performance of other altcoins recently resembles a bear market, and the current altcoin trends are even worse than in July and August last year. Therefore, subjectively, I still lean towards thinking that this is not the start of a bull market.

As for the mainstream large-cap coins, although there has been a bit of a rebound recently, it’s like someone recovering from a serious illness; they can only take a few steps before needing to rest. Why? Because there are still too many trapped positions in these coins, and as soon as the price rises a bit, people jump ship and run away. If they really want to take off, they first need to shake off the retail investors who are riding on their backs, and this process takes time. However, once the washout is complete, the final surge will definitely be powerful.