Recently, Bitcoin has once again reached a historic high, but many investors are puzzled: why hasn’t the altcoin market danced along? The traditional "alt season" seems to be long overdue. The root of this phenomenon can be traced back to two key factors: the change in Bitcoin's trend pattern and the surge in the number of alts.

Compared to the past bull markets, the current price trend of Bitcoin shows more stable characteristics. It is no longer characterized by drastic fluctuations, but instead adopts a "steady and steady" strategy—after a period of price increase, it enters a consolidation phase before continuing to rise. This relatively mild trend is difficult to provoke extreme emotional reactions among investors, making it challenging to create a nationwide frenzy for investment, and thus, it is also difficult to trigger a traditional alt season.

Another factor that cannot be ignored is the explosive growth in the number of alts. Currently, the number of new tokens added each day is close to 50,000, and the total number of tokens in the entire market has soared from 4 million a year ago to 22 million. This situation is like dispersing limited funds and attention into a huge sponge. Even though the total market capitalization of the entire cryptocurrency market has reached a new high, the funds and attention allocated to each token are very limited, making it difficult to sustain ongoing enthusiasm, and the myth of "100x coins" is becoming increasingly difficult to reproduce.

This market environment has led to the disappearance of the traditional "all alts rise together" phenomenon, replaced instead by "structural opportunities." What we see more often are short-term bursts in specific sectors, or individual tokens experiencing rapid rises within one or two weeks or even one or two months. This phenomenon aligns closely with the characteristics of the current market: relatively insufficient liquidity, more rational investors, and a more diversified allocation of funds, no longer blindly chasing all alts.

It can be said that the traditional alt season lasting for several months may have become a thing of the past. Even if alts show a market trend in the future, it may be a brief and rapid opportunistic rise, rather than a sustained collective surge lasting several months. The market is constantly evolving, and opportunities still exist, but in different forms. Investors need to adapt to this new market landscape and be more keen on capturing structural opportunities, rather than expecting a comprehensive altcoin bull market to reappear.