#参与创作者认证计划月领$10,000 The cryptocurrency market amid the stalemate: Mainstream coins under pressure, will the "Shanzhai Season" take over?

Is the current market already in a "bull turning to bear" phase? It may be premature to judge at this point. From an overall perspective, Bitcoin and Ethereum, as the main indicators of the cryptocurrency market, still show relatively stable price trends and have not yet exhibited the rapid decline characteristic of the end of a major upward wave. Meanwhile, behind the recent rise of privacy tokens, there are indeed some new logical supports. As global regulation of cryptocurrencies continues to tighten and on-chain transaction monitoring methods are strengthened, market demand for privacy-protecting assets is gradually rebounding. Additionally, renewed attention to data privacy issues in the blockchain social sector, along with some "AI + crypto" projects emphasizing data autonomy, have injected new market interest and development momentum into the privacy coin sector. On a macro level,
The US government shutdown bill has not yet been approved. The vote resulted in 53 in favor and 43 against, failing to reach the 60-vote threshold for passage, meaning the shutdown will continue.

The shutdown has now lasted 38 days. As a result, market liquidity is expected to remain difficult to restore early next week, and the stock market may continue to decline. However, once the government shutdown ends, the declines caused by this situation are likely to be recovered. Historically, the resumption of government operations usually coincides with a phased increase in U.S. stocks.

Recently, the market has shown a structural pattern of "mainstream cryptocurrencies weakening while some altcoins surge significantly," sparking discussions about whether we have entered an alternative altcoin season. Whether this phenomenon is a short-term coincidence or a trend signal still requires further observation. The following perspectives can be considered:

1. Mainstream cryptocurrencies lack a clear trend, leading some funds to shift toward high-volatility small-cap altcoins.

2. The current rise is not a broad-based altcoin rally but a structural market rotation across different sectors.

3. The short-term profit-making effect of altcoins is more driven by market narratives and liquidity resonance rather than substantial improvements in fundamentals.