Placeholder Partner: The market has not yet reached its peak, and it is expected that some altcoins

Since Trump, who supports cryptocurrency, won the US presidential election last December, the price of Bitcoin has fluctuated from $90000 to $100000 for more than two months. Some community members worry about whether the market has reached its peak, especially during the recent sharp decline of a large number of Altcoins.

However, Chris Burniske, a partner at Placeholder, a blockchain venture capital firm, still holds an optimistic view, believing that the market has not yet reached the top of the cycle and is in a phase of correction similar to that of April to June 2021. He wrote on the social media platform X on Saturday when answering related questions:

I don't think this is a sign of the top of the cycle, but rather a mid-term correction in a bull market that makes everyone doubt their lives. To me, it feels more like April, May, and June 2021, when major currencies fell by 50% to 80% (like btc in the picture). Many people thought everything was over, and those who shouted for the top gloated, but ultimately we saw a rebound in the second half of 2021

Burniske It should be added that although the current market is indeed different from before (but still similar in some aspects), Bitcoin's decline is not significant, but it may still fall further. Many altcoins are in pain, with prices falling back to bear market lows. However, "pain can raise questions, and profound questions often bring good answers... and change.

Burniske uses altcoins as an example to illustrate how the field may improve to overcome difficulties:

I expect many altcoins with 'protocol profitability' to start seeking token buyback programs, or in other ways giving back these profits to their holders, to cope with and differentiate themselves from memecoins