Altcoin valuations have taken a hit recently—when you stack them against silver, we're now trading below the 2022 lows. That's a significant marker. Looking back at the last couple of years, the data consistently pointed to one conclusion: the broader macro picture just wasn't playing ball for altcoin investors hunting long-term returns.

Think about it. From 2023 through 2025, the economic headwinds kept blowing. Interest rate pressures, inflation concerns, and the general tightening bias across global markets all made it tough to justify a bullish altcoin thesis. The market wasn't rewarding risk appetite the way it had before.

That said, it's crucial we keep perspective here. These cycles are brutal, but they're also how the market clears out weak hands and misallocated capital. The real question now is whether we're pricing in enough pain, or if there's more capitulation ahead.