The market eliminates places where profit is too easy. Everyone could enter the first IEO of Binance, because people did not know or doubted the success of the new method. Those who took a chance received a reward.
Returning to 2016, one more feature should be noted. Now absolutely everyone is talking about the alt season. The mood of some has diminished due to falling prices, but analysts do not stop talking. In 2016, people didn't have such confidence. Many violas were in decline for several years in a row and this was considered the norm. Only rare nuggets, such as Ether and Monero, fired.
Now we also have an altcoin market that has been falling for two years in a row, but this time people have much higher confidence in growth. This does not mean that there will be no more alt-season, but the devil is in the details. One of these details is that old altcoins grow much weaker than new ones.