I was curious during the last major bull market, why did all coins multiply so much, and making money seemed so easy, yet the old investors weren't making money

Now it's pretty much the same, looking back most individual coins have basically doubled

But the number of people making money is still low

By next year, looking back, most coins will be three times, five times, or ten times

But the old investors still won't be making money

Then new investors start a new round of curiosity ​

What do you think is the reason for not making money?