Alex Kruger crypto update

https://x.com/schuld_eth/status/1785644157345927675?s=46 Either read the tweet or read below Some thoughts on the current crypto cycle #1 The crypto cycle has been almost entirely driven by the bitcoin ETF. #2 ETH has been a major disappointment, but it has performed well overall for stakers and airdrop farmers. #3 Solana established itself as the chain of choice for retail traders, demonstrating perfect product-market fit, overtaking Ethereum. Then it became congested, stopped working, and crashed. #4 Then came Base, positioning itself as a legitimate Solana competitor on the retail front. #5 Memecoins have dominated the narrative, alongside Bitcoin. Most have now gone to zero. However, large-cap memecoins rank among the strongest performers of the year, still exhibiting significant returns despite the correction. Memecoins have established themselves as a viable asset class in their own right. #6 There has been barely any new retail coming into crypto. It's been mostly ETF buyers and previous cycle participants redeploying and going out the risk curve. #7 Most crypto market participants missed the Bitcoin ETF run due to PTSD (post-traumatic stress disorder). Too many then went all in on altcoins, to compensate for the missed bull run. They deployed late and poorly, going in larger at higher levels, and are now seething and at a loss, as too many altcoins have given up their entire 2024 gains in the last month. #8 The market started to get flooded with both scammy memecoin launches and cash-grabbing founders around February. These founders focus on making a quick buck and generating short-term hype rather than on longevity. #9 There are too many layer 2s. These have become commoditized, and with a few exceptions, most are wildly overvalued. #10 The cycle is not over.