Many people may feel that many altcoins have not risen in price, but from another perspective, they have actually increased quite a bit.
Take ARB as an example. From the price performance, ARB seems to have little increase, and its price trend even resembles that of a stablecoin. However, when analyzed from the perspective of market capitalization, ARB's market cap has grown by more than a billion dollars in the past year. This is because its token circulation has increased from an initial 12.75% to the current 26.5%.
For those tokens with a high fully diluted valuation (FDV), even if their prices do not appear to have increased significantly, maintaining their market cap actually requires a large number of investors (capital) to support it. Currently, there are many popular projects with high FDV in the market. If you still expect these high FDV new projects to rise tenfold or even a hundredfold, one can't help but ask, where will such massive capital come from?
Therefore, this bull market will not surge across the board like it did in 2021; the altcoin season only belongs to certain tokens. Finding the right targets also requires a bit of luck.
