The altcoin market generally goes through three stages:

The first stage is the filling the pit stage, which is to bring back some undervalued assets with potential to the average value!

The second stage: A new narrative will emerge in the market leading to an explosion in altcoins, similar to the previous DeFi boom.

The third stage is: when trash is flying everywhere, even a ghost can pull a few times, similar to the market conditions in the months after August 2021, as long as people are not foolish and know how to buy, they basically all make a profit!

Currently, it seems that no strong narrative has emerged in the altcoin market, so we can define it as still in the process of moving from the first stage to the second stage.