Are We Entering a Market Where Fundamentals Matter More Than Hype?

Today’s market has been interesting.

Bitcoin has remained relatively stable while some mid-cap tokens have posted sharp gains and others have dropped significantly.

Do you think the market is finally rewarding projects with real utility, or are we still mostly driven by speculation?

What metrics do you personally look at before investing in a project?

Team
Tokenomics
Revenue/Adoption
Community
On-chain activity

Something else?