The reason is not even Bitcoin dominance, but that the market is oversaturated with millions of daily meme tokens and projects!
But the reason is also quite simple, each project, regardless of what solution they are trying to sell to people, builds the success of their project on a marketing campaign!
Remember how easily a token grows with a positive movement of Bitcoin and an upward trend in general! As it grows, the project releases collaborations, updates, announcements on time and only because the market is growing up, the crowd thinks that this team is working so hard on another conditional L2 solution and this is the reason for the growth of this fancycoin!
I have already given an example with the music industry! An artist works on an album, and then when the album is ready, a PR campaign begins, singles, videos, concert announcements are gradually released, and the final concert at the stadium, which completes the entire cycle of promoting the album! Having collected all the money in the world, the artist goes to rest and work on a new concept!
Unlike music, in cryptocurrency, having collected money after the bull cycle, no one needs this project anymore! After all, this is just a banal financial pyramid! And if you think otherwise, ask yourself why Starknet and $ZK have 2-5 real users after the airdrop distribution? Yes, because tomorrow you can create hundreds more of the same projects and solutions!
So all these projects are now waiting for the market situation to stabilize and Bitcoin to start showing signs of life! You will see sudden appearances of cool updates, news, partnerships from these projects that seem already dead! That's when marketing campaigns will enter the arena, market makers of these projects will compete for your attention and your money! And you will really believe that the next $ZRO is many times cooler than $DOT , which in 2020 was many times cooler than ETH! Then the hype passed, so to speak, the team will roll out its cryptocurrency tour, collect the cash and leave, always hiding behind a black swan on the market, and will periodically remind of itself as CHIA so that people do not forget about the project, because you can always milk a cow for several years, even if it is almost dead, and the quality of this milk is the same
Moral - marketing is a powerful thing in the world, make balanced decisions when at the peak of the market you want to wait for an extra x2 from the token! Now the entry points into altcoins are at the level of 2022! Some sectors will bring more profit, some less! Not everyone will make you rich! As I said earlier, in a bull market and alt season, people will lose as much money as in a bear market! 🤝
