The fundamental difference between the 2024/25 and the 2020/21 altcoin cycle is that people don't believe in what they're trading anymore. In 2021, people had a genuine belief the Blockchain/DeFi/Gaming would change the world. Now everyone sees the space for the ponzi that it (mostly) is. This psychological shift increases reflexivity to the downside (as people are quicker to cut positions), whilst subsequently decreasing upside (more sell pressure as people look to TP vs holding longer term). It's one of the core reasons (aside myriad other factors) why alts are underperforming.