The altcoin season from 24 years ago, looking back now, indeed has some obvious characteristics worth our reflection:

1. The correlation between BTC and ETH is getting weaker

In the past, during the altcoin season, when BTC rose, ETH would closely follow, and it often drove many altcoins up together. Some strong coins would even surge more than ten times before ETH. But now, after BTC rises, ETH often 'lays flat', and this change seems to have become the norm, with less correlation than before.

2. The disappearance of sector rotation

The bull market of 2021 is still fresh in memory, with various sectors taking turns to rise, such as public chains, DAOs, NFTs, and so on, earning dizzying profits. Even in the market of 2023, sectors like L2 and AI once experienced a surge. But now, the sector effect is no longer as apparent as it used to be. Occasionally, individual concept coins perform well, but it is hard to see the overall rotation spectacle of that year.

3. The classic rising patterns of altcoins

In the past, the upward trend of altcoins was relatively clear, basically cycling through three modes:

Small incremental rises, hesitant to chase, yet afraid that once chasing, it would reverse to take profits;

Instant massive rises and falls, skyrocketing when rising, plummeting 30%-50% when falling, then quickly recovering, making leveraged players suffer immensely;

'Z' shaped market, rising for a few days and falling for a few days, repeatedly washing out positions, testing the patience of holders.

The question arises: Can the current altcoin season recreate the characteristics of those 'old times'? Which pattern do you prefer?