Looking back at the period from 2018 to 2019, it seemed like no one in the market had confidence in holding altcoins. Many people really doubted whether they were trapped. By 2020, things got even worse—the black swan event of the pandemic disrupted the entire market, causing already fragile confidence to completely collapse.

But these are ultimately unexpected fluctuations, not the norm.

During that period, around 2019, there was a clear dividing line in the market: either you held onto Bitcoin stubbornly, or you became the subject of ridicule. Investors holding other coins generally had no say, and the market’s focus was entirely monopolized by BTC. Looking back today, those feelings of anxiety and despair seem to be just expressions of personality—markets always repeat these cycles.