Recently, the market has shown some signs of improvement, and project teams are rushing to issue tokens, with the frequency of listings clearly accelerating. This reflects two signals: first, the market trend is indeed improving; second, even in a bull market, various tokens will still try every means to attract funds.

For altcoins, especially newly launched high-market-cap tokens, it is advisable to be cautious. Don't be fooled by the project team's narratives, and don't fantasize about long-term value investing. So how can we determine if a coin truly has value? The core standard is quite simple—see if it has undergone sufficient market testing.

Bitcoin is the best textbook example. From its inception to now, nearly 18 years, its price has increased by tens of thousands of times, and entering the market at any time generally won't result in being trapped. This is the result of thorough market validation.

In contrast, new projects, no matter how much they hype, haven't been tested by the market. Why should we believe in them? Moreover, frankly, there are countless startup projects in the crypto space, with failure rates as high as in any entrepreneurial field. The most painful part is that, compared to the stock market, the threshold for listing tokens is ridiculously low, and all kinds of unreliable project teams are everywhere.

From recent market trends, after rising, the correction has been minimal, indicating that the market still has strength. The most direct way to judge the overall market is to keep an eye on Bitcoin. After stabilizing above 90,000, it has been steadily climbing, and this signal remains quite clear.