There's a saying I still strongly agree with — this is just the beginning.

Looking back over the past four years, how have things been? The total market capitalization of cryptocurrencies has basically been stuck around 3 trillion USD, with no significant change. Meanwhile, the combined market cap of gold and US stocks has been soaring, increasing by a full 50 trillion USD. This isn't a problem with cryptocurrencies themselves; the issue is that it's not their turn yet.

Careful observation of recent phenomena reveals some interesting points: trading volume has been shrinking, and market enthusiasm isn't high — this looks like a sign of a market top. But on the other hand, it could also be a preparatory phase before a major rally. We all know that before a sharp decline, there’s usually a period of silence.

On the Bitcoin side, the liquidity of the bulls has already been cleaned out during previous adjustments; while smaller coins ranked outside the top 30 have seen their overall valuation drop to near a ten-year low. A particularly noteworthy phenomenon is that altcoins are the true underlying ecosystem — they are the core of the crypto world. Without altcoins supporting the scene, the crypto market would only have the concept of "digital gold," and relying on a single story makes it difficult to sustain long-term market cap expansion.

Looking at global capital flows from another perspective: gold has recently reached a relatively high level, silver has increased by 50% in a month, and large funds are now searching everywhere for the next "most cost-effective" investment opportunity. Historical comparisons are very convincing — in 2013, the crypto market cap was about 100 billion USD; by 2017, it rose to 800 billion; and in 2021, it broke through 3 trillion. Based on this growth curve, reaching a market cap of 7.5 trillion USD by 2026 isn't an unreasonable expectation.

Of course, this isn't a prediction, nor am I urging you to go all-in right now. From a cyclical perspective, we might have only traveled one-tenth of the way. No rush — take your time, wait patiently. Market cycles never disappoint; they’re just sometimes late.