The current cryptocurrency market is truly boring and desolate. The market lacks vitality, with trading volumes pitifully low, and many altcoins seem to be suffering from 'cancer', continuously declining without any signs of recovery. The once hopeful 'get-rich-quick' dreams are now almost nowhere to be seen. We used to say that once Bitcoin reaches a certain height, funds would flow into altcoins, sparking a wave of 'altcoin season'. But the current market conditions are completely different from that script.
The current market seems stuck at a point that is neither rising nor falling, with no strong rebounds and no obvious lows. Past experiences have taught us that a drop of 70-80% in altcoins usually indicates a bottom, but this time is different; many coins can still drop another 90% on top of having already halved, even approaching zero. Newly launched coins almost immediately start to decline once listed on exchanges, and no one dares to buy; as for older coins, they simply cannot rise, slowly being eliminated by the market as if they are waiting to die.
The altcoin bull markets of 2017 and 2021 made many people wealthy. But this time, it may be the 'final reckoning' of those two prosperous periods, with project teams, exchanges, and ordinary investors all being reshuffled. Now, stories of getting rich from altcoins are becoming less frequent, while the routine of 'issuing coins—listing on exchanges—dumping—running away' has become the norm. Many projects have no intention of continuing long-term; they just aim to create some hype and then leave.
If you look at the ten new altcoins launched now, nine of them have dropped below their issue price, and the one that has risen serves merely as bait to 'catch shorts', leaving no profit for ordinary people. This market has long turned into a battleground, where retail investors and big players engage in a battle of wits. If you want to make money from the big players, they also want to make money from you—yet the reality is that most people end up being the 'chives', with a starting loss probability of 90%.
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It is a great post of Current Crypto Market Situation.
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