What’s new this cycle is that we have had several mini-alt seasons where most coins, incl. old-cycle coins have pumped. From the top of my head: January - March 2023 October - February 2024 September - December 2024 This isn’t 2021 anymore. The difference is that we have maybe close to 1000 new alts (of the bigger ones with some kind of a roadmap) compared to 4 years ago. The play has always been to buy altcoins in the hope of more upside than BTC, and then take these profits over to BTC (or USD). But which alts do you even buy? The dispersion in the space is so huge now, and it’s easy to end up with the “wrong” alts, the ones that don’t pump while your friends are printing. Another dimension of this cycle is the trenches. We also had onchain activity in 2021, but it was not even close to what we see in eg. the Solana trenches today. Earlier on you could just log in to Binance and buy it all there. The game was simpler: Hsaka posted some “buzz words” and you knew the play was to long SOL, then AVAX right after. We have gone from an environment where most coins pump in tandem to an environment where we see meta-cycles instead (gambling meta summer 2023, utility coins, animal coins, AI agents, Believe eco etc.).