Last week’s broad rally in older cryptocurrencies created the illusion of a market turnaround, but a closer look at the data reveals that only a few coins have surged, while most have yet to recover. Looking back from the peak of the crypto market in October last year: Among the top-market-cap cryptocurrencies, only eight—VVV, ZEC, DRV, HYPE, NEAR, UNI, MORPHO, and SKY—have broken above their pre-October last year highs and climbed out of their deep declines. Of these, only VVV has surged dramatically, rising more than tenfold compared to its October last year level. Most other altcoins, despite the general uptick, remain far from their peak levels last year. Meanwhile, as benchmarks, BTC, ETH, and SOL are still down -30%, -40%, and -48% respectively compared to their October last year levels. Ultimately, not all altcoins can recover to bull market levels—only those with real business fundamentals and narratives that keep pace with evolving market trends will have the potential to rise.