The growth of altcoins should be determined by market value rather than price. According to market value, altcoins have already entered a super bull market, and the altcoin season has arrived. However, the main beneficiaries are venture capital institutions that entered early (such as a16z, Paradigm, Coinbase, etc.) and major exchanges.

Retail investors did not benefit from buying in the secondary market because they believed that the price had not taken off.

According to the participation price, venture capital institutions still have a hundred times profit now. Even if it falls by another 90%, they and exchanges still have more than ten times profit.

Therefore, this bull market in the altcoin season is unprecedented, but retail investors did not benefit from it.