In my opinion, the current round of altcoin price performance is not as good as expected. There are three main internal reasons in the crypto industry:

Insufficient growth on the demand side: lack of attractive new business models, and PMF (product market fit) is far away in most tracks

Excessive growth on the supply side: further improvement of industry infrastructure, further reduction of entrepreneurship threshold, and excessive issuance of new projects

Continuous lifting of restrictions: tokens of low-circulation and high-FDV projects continue to be unlocked, bringing heavy selling pressure