Not sure if an alt season like 2021 will ever happen again given it took a lot of things to make it happen e.g.
- Crypto still fairly nascent
- Limited set of tokens - concentrated liquidity
- Money printing
- First significant wave of retail public adoption, many of whom got burned or put off
That said, all of those points above somewhat still lend themselves to alt seasons e.g.
- Crypto is still only a fraction of the global money supply & given digital money is more liquid & reprices quickly, there's a lot of room to go
- Even if loads of tokens get launched every day, liquidity still concentrates in a certain number of them, over-time with new ones occasionally succeeding significantly, like startups in the traditional tech economy
- Money printing could happen again / rate cut effect
- Human nature is greedy & cyclical, people forget & memecoin trading is (for now) a viable career path.
Still, the Risk/Reward favours asymmetric upside on alts, since they go up a lot & (generally) have an expected downside (which is still a lot, but for solid alts >6 months, usually don't go to 0, but -80% or so from ath).
