Analyst Dep believes the usual bull market model no longer automatically drives up prices for all altcoins. In his observation, a series of unsuccessful listings has shown that investors are no longer willing to endlessly absorb new projects, which has changed market dynamics. As a result, many listings that previously brought short-term gains now quickly lose value.
Changes in the Altcoin Bull Cycle
Dep explains why the bull cycle no longer guarantees growth for all altcoins: investors have become more demanding about project quality, and the usual "everything rises" phenomenon no longer occurs. In his view, the market no longer buys projects just because they appear, which changes the behavior of issuers and investors. Under these conditions, fundamental project attributes gain importance beyond just the hype around listings.
The analyst also points to reasons behind failed listings: many new ICOs are technically or commercially weak from the start, and inflated expectations quickly collapse under real market pressures. Dep notes that attempts to ignore these issues lead to losses for token holders.
Market Leaders’ Failures
As an example of a market underperformer, Dep cited the Almanak project: its price collapsed by 70% from the entry point on the Legion platform, illustrating the market’s new unforgiving stance toward valuation mistakes. Such a drop shows that even prominent projects are not protected from sharp overvaluation and subsequent correction, especially when demand is not backed by real utility.
The market now reacts more harshly to weak products and inflated expectations, forcing investors and issuers to rethink their token launch strategies. This topic resonates with discussions on why there is no bull trend in the current cycle and which factors determine asset resilience.
Positive Cases Amid Overall Decline
Dep points out that there are rare quality launches that remain viable even amid the general market downturn. He highlights three key factors for successful launches: a clear use case, real demand before token generation, and a reasonable initial project valuation. These elements help a project withstand pressure and gradually find its audience.
Projects meeting these criteria are less likely to experience deep drawdowns because their valuation aligns more closely with the product’s real economy rather than speculative interest. For examples and lessons on quality launches, see also key lessons from the 2025 market.
Market Issues and Forecasts
According to Dep, the key market problem is the imbalance between the number of new projects and the lack of fresh liquidity, as capital circulates within a limited group of participants. In such conditions, even technically interesting initiatives may not receive sufficient support, and overvalued launches quickly correct to lower prices.
The analyst also believes that most altcoins will likely never return to their listing prices, emphasizing the need for a cautious approach to new listings and risk management. This conclusion means investors and market participants should focus on project longevity rather than short-term expectations.
Why This Matters
If you mine and sell part of your earnings in altcoins, changes in market dynamics affect liquidity and demand for new tokens, which can complicate exchanging coins for fiat or stablecoins. Even if mining itself remains technically unchanged, reduced interest in altcoins makes trading and conversion less predictable.
For miners with 1–1000 devices, this means speculative investments in fresh listings carry increased risk, and long-term coin selection should rely on signs of real demand and reasonable valuation. Maintaining caution helps avoid significant losses during price drops.
What to Do?
Check three key project indicators before buying or holding tokens: whether there is a clear use case, if demand is confirmed before token generation, and how fair the initial valuation is. These simple checks reduce the risk of investing in overvalued or weak products.
Practical steps for miners: keep part of your funds in liquid assets, don’t put everything into new listings, take profits at predetermined levels, and monitor liquidity markets. These measures help manage risks amid altcoin volatility and protect capital during sharp declines.
