#加密货币市场动态 is a heart-wrenching fact: during this cycle, many people have never experienced a real altcoin frenzy, and even veteran players are almost forgetting the stories of the wild growth from the last cycle.

Just take a look at the chart patterns of those altcoins that survived from 2020 to 2021 and are still around today; most of them have plummeted after reaching their peaks, falling to levels seen in November last year—despite a couple of brief recoveries in between, the overall decline has been between 10 to 100 times. This is the so-called "de-bubbling" process, with the peaks of that year representing the height of the bubble.

But you only saw the plunge and ignored the starting point. At that time, most altcoins had a market value of only a few million to tens of millions. They went from being obscure to being sought after by the market, following a path of value reassessment.

Take DENT as an example. After launching in 2019, it dropped to a low of 0.000065. During the first round of market rally, it hardly moved, either remaining flat or declining. It wasn't until the second round of the market started that it surged to 0.022 within 3 months—a 338-fold increase. And then? It has been declining for four years, reaching a low of 0.00018 last month.

Looking at the current mainstream exchanges, how many altcoins have a market value of only 10 to 20 million even after being listed on the main board? Some projects have raised hundreds of millions or even over a billion USD, yet the coin price has fallen below the issue price. What does this mean? Your entry cost is now lower than that of institutions—something that was unimaginable in the past.

So will they go to zero? Do they have value? Once you understand this, you'll know how to position yourself.

Many people are calling it a bear market, but I think the decline of altcoins in recent years may not necessarily be a bad thing. It has broken the game rules set by institutions for creating high market values, allowing valuations to return to a reasonable range, which instead lays the groundwork for the next round of bubbles.

Remember one thing: the bubble of altcoins will always arrive when everyone least expects it. And by the time most people realize, they often become the bag holders—just like in the last cycle.