The cryptocurrency market has always been full of drama, especially for investors who have experienced the previous bull run. Looking back, many people still fondly remember the altcoin season; what does this sentiment reflect?

During the previous bull run, the prices of cryptocurrencies in the secondary market fluctuated remarkably. Certain altcoins increased in value tenfold within just a week, and even surged a hundred times within a month. Moreover, some, like Luna, achieved nearly a thousand times increase shortly after their listing, while Solana skyrocketed from $2 to $250.

At that time, the market atmosphere was exceptionally optimistic. Investors jokingly said, "Money comes like a strong wind," "With an IQ of 50, you can live in a palace," and "Just buy and hold, and you can wait for wealth to come." This almost crazy optimistic sentiment dominated the entire market.

At the end of April 2021, many investors entered the encryption field due to news related to Dogecoin. New investors often quickly taste the sweetness, such as Dogecoin yielding 3 times, SHIB yielding 5 times, and even some niche altcoins bringing 10 times returns. At that time, certain small exchanges became popular investment venues.

However, the good times did not last long. On May 19, 2021, the market suffered a severe blow, experiencing a sharp correction. In October of the same year, the market formed a double top pattern, marking the end of the bull run.

Looking back at this history, we find that the old investors who nostalgically remember the past bull run and the new investors who entered the market last year, reminiscing about the AI frenzy, are essentially no different. What they both miss is that straightforward "simple model" where one-sided rises allowed bold individuals to easily profit.

This nostalgic sentiment reflects investors' yearning for quick wealth, but it also reminds us of the market's volatility. In the high-risk, high-reward realm of encryption currency, excessive indulgence in past glories may cloud rational judgment. For investors, maintaining a clear mind and rationally analyzing the current market conditions may be more important than reminiscing about the past madness.