Crypto analysts indicate that the altcoin market is still speculative before recovering to 2021 highs. Memecoins have diverted retail investors, limiting altcoin price growth.

Active wallets for Algorand fell to 182,170 from peak levels of over 1.31 million, while Chainlink saw similar declines, highlighting challenges for altcoins in today’s market.

The total market capitalization of altcoins is approximately 277 billion USD, more than 77% lower than its peak of 492 billion USD in late 2021.