Ethereum is at all time highs. BNB is over all time high. as soon as Ethereum breaks ATH say $4500 other alts will boom.
The reason why many people continue to repeat this is because they have deep bags in many useless altcoins. There is nothing to indicate that we will have an altcoin season like before. Sure some things will pump, but many won't.
I do not think it is merely "inherent uselessness" of the coin or token that counts.
Rather, I think the "inherent" uselessness of the demographic/community (culture) it attracts is massively important.
Bear in mind that money is basically an I.O.U. (I owe you), its value resting in the reliability with which its issuer(s) redeem it.
There need be nothing red-flag-ish about "deep bags" if culturally strongly associated with "deep buy-sides".
On the other hand even trivially shallow "bags" are not much help if held by a demographic/community/culture that does not build strong deep buy-sides.
The closer price gets to the bottom of the span of prices supported by the trading venue the more "dumping" one typically can expect, so building the buy-side more strong the deeper one builds it, at least toward the very bottom, is good to see.
Partly because of the possible-myth of alternating bitcoin seasons and altcoin seasons it is also very nice to see bitcoin as one side of the trading-pair, because a deep strong buy-side built stronger the lower it goes is especially nice when built out of bitcoins; being built out of bitcoins builds-in an "automatic" upwards price-pressure as the "season" swings back toward bitcoin, the already in place buy-side appearing higher and higher as the bitcoins it is built from goes up and up in value.
So look for the coins whose users build strong strong buy-sides, no matter how deep the "bags" dumpers might hold a buy-side can be build sufficient to goggle up their "bags" and keep on building...
-MarkM-