There's a saying in crypto: slowly, then all at once.
It’s a phrase that perfectly captures the market’s volatility — long stretches of quiet, then suddenly a rally that takes everyone by surprise. That’s how previous crypto cycles unfolded.
But today? It feels different.
Now, it’s gradually, then bureaucratically.
As crypto’s upside becomes more entwined with the traditional financial system, it’s starting to feel the weight of red tape. Yesterday, the government announced it would begin transferring economic data onto the blockchain.
The technology responsible for bridging the old financial system with decentralized networks is Pyth.
On this news, its token doubled.
Yet amid the hype, there’s a catch: the announcement is largely symbolic. Everyone is excited, but few can explain what problem it actually solves.
Don’t get me wrong, the industry and its regulatory backdrop have come a long way. Dozens of ETFs now let investors finally access even the two largest cryptocurrencies. The Genius Act laid down a framework for stablecoins, along with sweeping regulatory changes across the ecosystem.
Still, most investors face hurdles when buying crypto due to restrictive laws on international exchanges. And with so little spotlight on the broader ecosystem beyond the biggest tokens, there’s a huge opportunity waiting for those who look carefully.
Here’s my custom index of what the average altcoin looks like in the top 100 by market cap.
For most of the crypto ecosystem, the bull market hasn’t even started.