Degen

There is a tendency among humans to believe that patterns and heuristics that have held true before, should always hold true. 

One such case was that altcoin market caps (and ETH) should be making new highs in new cycles. Its increasingly clear that this is not the case and we are likely half way through a euthanasia coaster for many. Even if Bitcoin goes to new highs this doesn't mean altcoins will keep up.

This was the first cycle where alt market cap made a lower high. The next logical question is whether that means alt market cap makes a lower low. This I am unsure as I do not believe Solana makes a lower low at the trough. If Solana were to be removed from alt market cap, then it seems likely.

Bottom sometime in 2025 with the next wave driven by tokens related to decentralized AI infrastructure. AGI will need unstoppable rails for communication, value transfer, training, compute/inference, energy markets, data storage.