#美SEC促进加密资产创新监管框架 Many people have never experienced the last altcoin season, or even if they did, they've selectively forgotten that period of madness.

Open up the K-line chart of any altcoin that survived the last cycle and is still alive today—what do you see? Most coins plunged from their 2020-2021 peaks and only bottomed out in November of last year. There may have been one or two rebounds in between, but the overall drop? It starts at 10x, and a 100x drop is not uncommon.

This is the process of the market squeezing out bubbles. The sky-high peaks back then were essentially built on froth.

Take DENT as an example. After launching in 2019, it dropped to a low of $0.000065. During the first BTC rebound, it barely moved—either sideways or continued falling. It wasn’t until the second BTC rally that it skyrocketed to $0.022 in three months—a 338x increase. And then? It kept falling for the next four years, hitting a low of $0.00018 last month.

Now, look at the major exchanges—when have you ever seen so many altcoins listed on the main board with market caps of just $10-20 million? Some projects raised tens of millions or even over $100 million, but now their prices have dropped below the issue price, so your entry cost is even lower than the institutions’. These kinds of opportunities were unimaginable before.

So will these coins go to zero? Do they have any value at all? Once you figure out these two questions, you'll know what to do.

Many people are calling for a bear market. If there is a bear, it’s only for altcoins. The massive drop in altcoins over the past few years is actually a good thing in my view—it has dispelled the myth of high market caps, brought altcoins back to reasonable value ranges, and is building up energy for the next bubble.

Remember this: Altcoin bubbles always explode when no one expects it. By the time most people catch on, just like last cycle, they'll be the ones left holding the bag at the top. $BTC $ETH