Total market value of altcoins (excluding BTC/ETH)

The reason for the confusion and the two-tier differentiation is:

Bullish: The total market value has not even reached the high point of the previous round, and the real altcoin season has not yet arrived;

Bearish: Such a tangled trend is more like drawing a top, rather than refueling in the air.

There is no precedent to follow, and it is impossible to carve.

Both make sense, and I choose to be bullish.