Arthur Cheong, a seasoned crypto investor and CEO of DeFiance Capital, believes that the cryptocurrency market may be entering a new phase of maturity, similar to the stock market's growth after the 2008 financial crisis. Cheong suggests that the days of wild price swings and multi-year bear markets may be behind us, and instead, digital assets may experience a more stable and secular growth.

According to Cheong, this maturation process means that future bull markets will no longer be a "tide that lifts all boats." In other words, not all altcoins will experience massive rallies like they did in previous cycles. Instead, only a select few will deliver impressive returns, while most others will disappoint.

Cheong also notes that altcoins will need to carve out their own paths to success, as the market is "path-dependent" and there is no predetermined outcome. He uses the example of Telegram's potential adoption of TON, which could significantly impact the cryptocurrency's value.

Despite this, Cheong believes that market conditions are about to improve for crypto, and both Bitcoin (BTC) and Ethereum (ETH) are undervalued considering their regulatory clarity. He notes that BTC and ETH are the only two digital assets with no regulatory overhang, making them attractive to traditional finance (TradFi) investors.

Cheong's comments come as the cryptocurrency market continues to evolve and mature. With the recent conclusion of the SEC's Ethereum 2.0 investigation, regulatory clarity is becoming more apparent, and investors are becoming more confident in the space.

In conclusion, Cheong's thesis suggests that the cryptocurrency market is entering a new phase of maturity, characterized by more stable growth and fewer wild price swings. While this may mean that not all altcoins will experience massive rallies, it also presents opportunities for select cryptocurrencies to deliver impressive returns. As the market continues to evolve, investors must remain vigilant and do their due diligence to navigate the ever-changing landscape.