New bull market, buying into new tracks and new narratives.

Why?

Because the valuation of new tracks has no upper limit, and the market is full of expectations and enthusiasm. Everyone wants to chase new opportunities and see infinite possibilities.

If you are a powerful player, would you choose to push an old project that has already peaked in the last cycle, or would you choose to push a new project that is full of infinite possibilities for the future? Clearly, you would choose the latter.

Many people are pessimistic about ACT (like some emerging projects) when it plummets, but if it really rises to a market value of 2 billion, would you find it reasonable? What about rising to 3 billion, 5 billion, or even 10 billion? Once the market heats up, any breakthrough will be taken for granted.

For old tokens, it's simpler:

A DeFi protocol, if its various data is worse than during the previous bull market, then its market value will not exceed the previous high;

A GameFi or metaverse token, if its story has been proven hollow, its market value will basically be controlled by secondary market players;

A public chain project, if it hasn't kept up with the hype like meme coins, and still measures it with traditional DeFi thinking, its market value will also struggle to break through previous highs.

The market no longer has much imagination for these old projects. New opportunities and new stories are the core of the next bull market.