According to BlockBeats, on August 16, Andrew Kang, co-founder and partner of crypto venture capital firm Mechanism Capital, said that the market value of altcoins (and ETH) failed to hit new highs in the new cycle. We may be on a euthanasia roller coaster for many people. Even if Bitcoin hits a new high, it does not mean that altcoins will keep up.
This is the first cycle of lower highs in altcoin market cap. Altcoins will bottom out around 2025, and the next wave will be driven by tokens related to decentralized AI infrastructure. AGI will require unstoppable rails for communication, value transfer, training, computation/inference, energy markets, and data storage.