#加密货币市场情绪 Seeing this news reminds me of the frenzy in 2017. At that time, market sentiment was high, and almost all coins were rising wildly, even white paper projects could easily pump. But now, only 5% of alts are in profit; this situation is indeed unprecedented in past cycles.

Looking back at history, we have experienced multiple cycles of bull and bear markets. In each bull market, a number of new projects emerge, only to disappear during the bear market. The significant divergence between Bitcoin and alts this time may indicate that the market is undergoing a deep reshuffle. Projects that lack genuine value may be permanently eliminated.

In the long run, this kind of differentiation is actually healthy. It forces investors to be more cautious and also drives project teams to work harder to create real value. I remember during the bear market in 2018, many people thought cryptocurrencies were done for. But those quality projects that persevered achieved greater success in the subsequent bull market.

Now, we find ourselves at a similar crossroads again. Although it may be painful in the short term, this could be a necessary path for the crypto industry to mature. For us old players, it is important to remain calm and focus on those projects that can survive in a bear market. After all, real gold is not afraid of the fire, and the projects that can weather this winter are likely to become the leaders of the next bull market.