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The core argument is strong: this altcoin cycle shouldn't be judged using the template of the previous cycle. The market can have multiple localized “alt seasons” rather than one broad rally where everything pumps together. My take 1. Altcoin season is becoming more selective In the previous cycle, liquidity often spread across a huge number of tokens. This time, capital appears to be rotating between specific narratives and sectors rather than lifting the entire altcoin market. AI, RWA, DeFi, L1s, memes, infrastructure, etc. can each have their own mini-cycle. 2. Timing matters more than simply holding an alt A token can rally massively from its bottom and still leave late buyers underwater. So saying “there is no altseason because my coin hasn't recovered” can be misleading. The better question is: > Which sectors are actually receiving fresh liquidity right now? 3. Previous ATHs shouldn't be treated as guaranteed targets Just because a token reached $70 or $100 in a previous cycle doesn't mean it must return there. Token supply, unlocks, market cap, narrative strength and liquidity can all be completely different. 4. Old coins vs new narratives Some older projects may eventually experience a late-cycle speculative spike, but that doesn't mean every legacy alt will return to its previous high. Meanwhile, newer narratives can attract capital much faster because traders are looking for fresh stories and asymmetric upside. The bigger lesson Don't wait for “everything to pump” before acknowledging an altcoin cycle. A better definition is: Liquidity rotates → specific sectors outperform → attention follows → new sectors take over → late-cycle speculation broadens. That means this cycle may feel frustrating if you're holding yesterday's winners—or coins that haven't attracted the current narrative. The market doesn't owe every altcoin a comeback. It rewards where liquidity is going next.