Research the changes in the overall market capitalization of alts during the past three bull runs and the background of the alt season.

In 2012-2013, the first halving of BTC led to a bull run, where the total market capitalization of alts increased by 20 times, reaching a peak where the total market capitalization of alts accounted for 15% of the cryptocurrency market.
Background of alt season: Various altcoins have imitated BTC's payment function, with LTC, XRP, and DOGE initially developed as payment cryptocurrencies.
alt season speculation main line: payment track
In 2016-2017, during the second halving of BTC, the bull market caused the total market capitalization of altcoins to reach a peak of 40% of the entire cryptocurrency market.
Background of the alt season: The rise of ETH led to the emergence of ICOs for token issuance, presenting a new model for asset issuance, and ICOs are highly anticipated by many to replace traditional IPOs.
alts speculation main line: ETH
From 2020 to 2021, the bull market brought by the third halving of BTC saw altcoins accounting for 60% of the entire cryptocurrency market at its peak.
Background of the alt season: The rise of on-chain DeFi, the emergence of the NFT and metaverse markets, and retail investors starting to shift from secondary market exchanges to on-chain trading.
alts speculation main line: defi nft public chain
In 2024-2025, the bull run brought by BTC's fourth halving has seen BTC's market capitalization peak at 68%, and it has started to gradually decline, with funds beginning to flow into ETH and alts.
Current background of the altcoin market: Institutional funds dominate BTC, altcoin liquidity is shrinking, RWA is ongoing, and the altcoin ETF is under review...
Currently, from the perspective of the entire market, the 4-year cycle pattern in the crypto space has not changed. The pattern of altcoins exploding during each bull run has also not fundamentally changed. All the industrial chains in the crypto space—communities, media, institutions, exchanges, and project parties—99.9% revolve around the theme of altcoins. Regardless of whether you look down on altcoins or have biases against them, altcoins are a tangible existence. If, during a bull run, most retail investors do not experience the process of significant floating profits, the process is key. Let them experience the thrill of floating profits; even if they end up with nothing, they will only feel it is their own fault, unrelated to crypto. Therefore, their confidence in this space and the attraction of this space will decline. So, what will you let the manipulators eat in the future? Thus, a structural alt season is definitely coming.