Wen Alt Season?!

Ok the hype is back. It’s clear now that BTC is not slowing down anytime soon. ETH is already reacting and starting to catch up and get the ETH/BTC ratio back up - which at this point is basically just a lagging indicator of BTC growth.

My thoughts are that alt season seems to have not really begun (perhaps excluding SOL). Other than a few meme coins here and there and a few pumps - we haven’t yet seen the part of the bull cycle where BTC and ETH growth start to calm down, and ALTs rally with crazy gains.

At the same time, I think the development with alt coins (not naming any names) has been underwhelming to say the least compared with the development of BTC and ETH - BTC in terms of its mainstream investability and ETH in terms of actual network development - especially with Dencun on the way.

As a result, I can’t tell whether there’s an opportunity to capture value as investors use their gains to divert between BTC and/or ETH and other ALTs, or whether the market will continue to simply leave them behind as the ‘quality gap’ (for lack of better terminology) increases.

What are your thoughts?

*Edit: Thanks for all the amazing responses. It’s crazy how opposed some of the views are though????, some saying it’s already begun, some saying it’s been going months, some saying it will happen at some point, some saying it’s not going to happen at all! It’s genuinely very interesting to see.