最新报道：According to Bloomberg, for most senior crypto traders, the "altcoin season" is almost a cycle that runs according to routine. First, Bitcoin rose, triggering a new round of attention to digital assets in the market. Funds flowed into the dominant cryptocurrency, while interest in "altcoins" gradually decreased. Traders began to look for higher returns elsewhere, and new stories and narratives emerged. Then funds rotated to lagging currencies, bringing excess returns, which is why speculators coined the term "altcoin season" during the 2017-2018 bull market. On July 14, driven by the enthusiasm of "Crypto Week", Bitcoin reached a new historical high and entered a narrow trading range. Influential figures and investors in digital assets have called Ethereum's breakthrough and the rebound of the long-sluggish NFT sector a turning point. However, this round of cycles is more of an intermittent rather than a comprehensive altcoin boom. XRP has soared more than 60% since the beginning of July, but fell another 11% on Wednesday. Many of the most popular altcoins belong to a category of tokens known as “low-flow, high fully diluted valuation (FDV)”. These tokens often have high fully diluted valuations in the billions of dollars, but a closer look at their token distribution shows that only a small portion of the tokens are freely traded. This often makes these tokens more susceptible to market manipulation. These factors usually come into play in the late stages of a typical alt season - when speculation reaches its peak, market fatigue increases, and prices tend to reverse. Although most crypto traders have now easily recognized this pattern, hope still exists.