An interesting topic, what is a reasonable valuation for a altcoin? Is there any fundamental existence of counterfeit currency in this market? What are the fundamentals, consensus, income, or what? Just think about it briefly, and you will know that consensus income cannot be explained. It is normal for products with income to drop by 90 points in a bear market, because the income of the cryptocurrency circle also follows the bull and bear market. The most fundamental thing is just one thing: liquidity. ⭐ macro-liquidity The macro liquidity dominated by the US dollar system will provide an anchor for the overall risk market. ⭐ Comparison of Valuation for Similar Projects The commonly used valuation comparisons for similar projects, such as public chains, DeFi blue chips, and Meme, will have a rough valuation anchor for a period of time. ⭐ Vertical hotspot For a period of time, there will always be some hot sectors that will enjoy liquidity premiums. For example, 20 years of defi, 21 years of nft, 23 years of inscriptions, 24 years of sol meme, and ai. So, how much market value is reasonable for a knockoff coin? It entirely depends on the liquidity pricing of these three aspects. This is the only fundamental. So, does the statement that prices will return to value apply to the cryptocurrency industry? I think it can be applied to a limited number of coins at most. And all other knockoffs have no value, only liquidity pricing, looking at macro, category, and hot topics.