The market has fallen, and it has completely fallen. Almost all small coins have not been spared, and the word "harvest" has been fully reflected. This round of bull market has almost started since the second quarter, and small coins have continued to plummet. At that time, a madman also wrote an article comparing the market value of small coins in this bull market and the previous bull market. In the previous bull market, the market value of small coins rose from 200 billion US dollars to 1.2 trillion US dollars, while in this round, the market value of small coins has fallen from 1.06 trillion US dollars at the end of April to 620 billion today. If compared with the 200 billion starting point of the previous bull market, then now that small coins are over-issued and Bitcoin remains high, such a valuation is not high. In other words, even if the liquidity in the market is poor and VC coins are FUDed, the room for small coins to fall is already very limited. Of course, there are some junk tokens with larger market value, and they still have room to fall. The real small guys are all worth tens of millions of dollars, and even the project parties have no intention of smashing the market. Is it relying on the emotions of retail investors to continue to fall?

I have finished talking about small coins. The conclusion is that there is not much room for decline. However, if the overall environment is not good and Bitcoin continues to fall, then we have to tolerate them falling by another 10-20%. I am afraid that collective plunges like today will not be easy to occur later.

Let's talk about Bitcoin. Today, it hit 53,000. On May 1, the madman wrote that the 53,000-56,000 position has strong support. Now that it has reached 63,000 (the starting point of this wave of decline) in 1-2 weeks, the probability of continuing to look for support will increase. From this round of new highs, it has been sideways for nearly 4 months. We can clearly see that the high-level platform has continued to ship. If the US macro environment does not improve later, and the platform that has been sideways for 4 months is missed, then we can almost confirm that Bitcoin will continue to look for support downward, and the next support level will directly see 42,000-45,000, which is a very scary thing, because it is very likely to show signs of turning bearish, which is what we least want to see.