Many people may feel that many altcoins have not increased in price, but from another perspective, they have actually increased quite a bit.
Take ARB as an example; from the price performance, ARB seems to have little price increase, and its price trend even resembles that of a stablecoin. However, if analyzed from the market capitalization perspective, ARB's market cap has grown by over a billion dollars in the past year. This is because its token circulation has increased from an initial 12.75% to the current 26.5%.
For those tokens with a high fully diluted valuation (FDV), even if their prices appear to have no significant increase, maintaining their market cap actually requires a large number of investors (funds) to support it. Currently, there are many popular projects in the market with high FDV, and if you still expect these new high FDV projects to increase tenfold or even a hundredfold, one must wonder where such huge capital will come from?
Therefore, this bull market will not surge across the board like in 2021; the altcoin season only belongs to certain tokens, and while finding the right targets, a bit of luck is also needed.
