Can we still see the altcoins with thousands of coins flying together in this round?
Let's take a look at the objective situation of the current market first
1. The number of altcoins has reached a new high, with 1 million new coins born in May alone, which is twice the number of tokens on ETH from 2015 to 2023.
2. The proportion of altcoins/BTC has been on a downward trend this year and is currently close to the lowest point of the bear market.
3. The overall narrative is relatively backward, and specific narratives perform significantly better than other narratives, lacking killer application innovation.
4. The altcoin market as a whole has entered the PVP stage - a general rise in Q4 of 23, more wins and less losses in Q1 of 24, and extremely dispersed liquidity in Q2 of 24, with more losses and less wins.
To sum up, the market is out of money, and the altcoins are too saturated to pull up, and the overall liquidity is relatively poor. Compared with the bull market in 2020, it may be more difficult.
