#以太坊行情解读 Have you seen the recent altcoin market capitalization heatmap? Many people look at this chart and start to dream, thinking that history will repeat itself and the days of big pumps for alts are coming again. But reality may disappoint you.

The key issue here is: the number of altcoins is increasing wildly, but the truly supportive capital is not growing proportionally. What’s the result? New projects inflate the total market capitalization numbers with extremely high FDV (Fully Diluted Valuation), while those early old alts are quietly bleeding out—many coins’ market capitalizations have shrunk to just a fraction of what they were a few years ago, and some have simply gone to zero.

So that rainbow chart actually only reflects one thing: whether the market's emotional temperature and liquidity have been fully washed out. It can indicate short-term trading opportunities, but to take it as evidence of a revival for alts as a whole? That would be too naive.

To be honest, in the current environment, most alts are facing not just a simple correction issue. They are being re-evaluated by the market and are being eliminated by the choices of the times. This is the harsh reality of the evolution of the crypto ecosystem – only the survivors have stories to tell, while most players quietly disappear.