It is easy to understand the current situation of the cryptocurrency circle by thinking about it from the perspective of A-shares. Before 21 years ago, the cryptocurrency circle was in a period of rapid capital expansion. At the beginning of the bull market, USDT was only a few billion US dollars, which was reflected in the valuation of the projects at that time, which matched the liquidity of several billion US dollars. A large number of projects were launched with FDV of several million or tens of millions of US dollars, so almost all the coins rose by dozens or hundreds of times.

$BTC