The market has now clearly entered: BTC → Few top projects → New narratives Instead of the past bull run where Bitcoin led the entire market to rise Old altcoins have basically not recovered to previous highs New narrative coins are replacing old projects Market cycles are becoming increasingly brutal Token economics are worsening Many projects, VC low-cost tokens, massive unlocks, high FDV The result is long-term unilateral decline. Many former "star projects" Have basically gone to zero 50 mainstream altcoins: Down more than 90%: 34 Down more than 95%: 20 Down 99%: several The only conclusion: The vast majority of altcoins = one-time assets The harshest fact of this cycle is that almost all altcoins are approaching zero, no longer reaching new highs. The essence of the crypto market is narrative elimination, not value investing.
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A very important change in market structure
The market has now clearly entered:
BTC → Few top projects → New narratives
Instead of the past bull run where Bitcoin led the entire market to rise
Old altcoins have basically not recovered to previous highs
New narrative coins are replacing old projects
Market cycles are becoming increasingly brutal
Token economics are worsening
Many projects, VC low-cost tokens, massive unlocks, high FDV
The result is long-term unilateral decline.
Many former "star projects"
Have basically gone to zero
50 mainstream altcoins:
Down more than 90%: 34
Down more than 95%: 20
Down 99%: several
The only conclusion:
The vast majority of altcoins = one-time assets
The harshest fact of this cycle is that almost all altcoins are approaching zero, no longer reaching new highs. The essence of the crypto market is narrative elimination, not value investing.