I don't think it has started yet, as for the altcoin or the market we cannot expect growth like in the past, since the market participants have a lot of knowledge about this market, so only the new projects are highly appreciated.
Not all new projects can be appreciated by everyone at this time, even some of them are new projects with unclear hype and form, so it would be very risky if such a project was valued at a high value.
a new project arrives, pumps then dump for a long time.
it's not all like that. some new projects still have a strong market because they build them in a strong market as well as support from a strong community.
but it was true, more of them just created hype, then left.