Bull case for up and coming L1's is pretty straight forward:

Replacing ADA, DOT, and AVAX which have had 10b or higher marketcaps for an extended period of time.

Incumbents (such as those mentioned prior) are likely to get unseated this cycle by trendy new L1's with powerhouses behind them alongside better tech, better communities, and better marketing.

I suspect the top 10-20 spots will look very different in a few months time.