The amazing discovery is that the current price is almost the same as last year's. Last year, the coin market rose continuously for several months from over 40k to 90k, while now it has fallen from the highest point of 126k to 90k. The same price just comes from different methods, creating a feeling of a bull run and a Bear Market. However, for the old suckers who have been through the ups and downs of the coin market for so many years, they have long been accustomed to the fluctuations. A drop from 12.6 to 9 is less than a 30% decline, and rising back up is just a matter of one or two stimulating Favourable Information. I really don't think there's much to panic about. Whether BTC can return to its ATH in the upcoming time is debatable, but just getting back to 100k is sufficient for supporting a new encryption narrative.

The key is that the cryptocurrency market hasn't introduced anything new yet. Previous things like agent, meme launchpads, and #perpdex、#x402 haven't formed a narrative at the level of the 2020 DeFi summer. However, the peak narrative has still made a fortune for some people, which means there are still many opportunities in the cryptocurrency market. It's just that, unlike before, one can't be a reckless diamond hand. The main strategy this round is to enter and exit quickly, whether it's rushing into dog coins or large new blue chips, or engaging in large capital wealth management. Even for things like xpl and wlfi, they have also seen peak value within three days of launch, only to fade away afterward. This might also be an important reason why we feel the current situation lacks the significance of traditional altcoin seasons.

This round may only have hype maintaining a long-term upward trend, at least keeping a high fdv, which indicates that current market funds value the project's own blood generation effect more than painting a big pie or telling ecological stories. This kind of play is no longer suitable for increasingly professional investors. If one can understand this shift in market play, then trading coins actually becomes simpler. Go to defillama to find various protocols' income situations; those that can achieve long-term profits are absolutely the most valuable projects. Currently, the top ten are #tether、#circle, #hype、#pump, #trx、#edgex, #axiom、#sky, and #lighter、#, followed by some leading DeFi protocols. These are all valuable projects, and there are both projects that have issued coins and those that haven't. Finding a way to allocate them won't miss the main rising wave market. If there is a season for altcoins, these types of projects are also the best.

As for those projects that are just drawing big coins, they must have quantitative data to be worth investing in; otherwise, the trend will definitely be a pump followed by several months of a bearish decline. Good projects may bounce back, but such cases are rare. Most will fade into obscurity with time, as VC unlocks and enthusiasm decline. #blast is the most typical example; the points system was led by it. At its peak, the enthusiasm could be described as invincible in the universe, but drawing coins is really useless. After issuing coins, it became a ghost chain. If you can learn from the lessons on blast and avoid falling for shanzhai this round, I believe it would be much more comfortable now.