In this cycle, most people either missed the last altcoin frenzy or have long forgotten how to play from back in the day.

Casually flipping through the altcoin candlesticks that have survived since the last cycle—you will discover a cruel truth: they have plummeted from the peak of 2020-2021 all the way down to last November, and even though there were one or two rebounds in between, they overall dropped by 10 to 100 times or more. This is the so-called "bubble-bursting" process, and those high points are nothing but bubble prices.

But don't just focus on the decline. Looking back, most of those altcoins only had a market value of a few million to tens of millions at the time. How did they rise from obscurity to become highly sought after?

Take DENT as an example: After its launch in 2019, it dropped to a low of 0.000065. During the first round of Bitcoin's rebound, it hardly moved, either consolidating or continuing to drop. It wasn't until the second round of Bitcoin's rally that it soared from the bottom to 0.022 in three months—an increase of 338 times. And then? It continued to decline for four years, dropping to a low of 0.00018 last month.

When have you ever seen a coin listed on the main board of a major exchange with a market capitalization of only 10-20 million? Some projects have raised tens of millions or even over a hundred million dollars, and their prices have now plummeted. If you enter the market now, your cost is lower than that of institutions - this is something that would have been unimaginable in the past.

So the question arises: will they go to zero? Do they have any value? Once you figure this out, you'll know what to do next.

Many people are calling it a bear market. If you ask me, it should be called an "altcoin bear" at most. The crashes of the past few years, I actually think are a good thing - they burst those high market cap bubbles and brought altcoins back to a reasonable valuation system, which is the basis for the next round of bubbles.

Remember: the altcoin bubble always arrives when no one is prepared. By the time most people react, it will be just like the last cycle—becoming the one who picks up the pieces.