#牛市进行中…

The encrypted bull market can be roughly divided into three stages: early bull, mid bull, and late bull

1️⃣ Early Bull: Funds and market confidence have just recovered from the scars and painful memories of the previous bear market. Market risk appetite is low, and funds basically choose the most stable assets to try, which is BTC. Therefore, every bull market begins with BTC rising first, while ETH and other altcoins (alternative coins) show relatively weak gains, and there are even cases where BTC rises alone while ETH and other altcoins fall. At this time, BTC's market capitalization dominance often rises to over 60%.

2️⃣ Mid Bull: Market confidence widely recovers, risk appetite strengthens, and funds begin to try relatively high-risk assets. Specifically, this is manifested by funds starting to flow from BTC to the altcoin leader - ETH, and ETH begins to show daily gains exceeding those of BTC, even resulting in ETH rising while BTC falls. However, the altcoin season has not yet arrived.

3️⃣ Late Bull: The market is completely crazy, risk appetite reaches its peak, FOMO emotions explode, leverage is maxed out, and funds begin to rush towards extremely high-risk altcoins, with some completely lacking fundamentals, shitcoins, and memes experiencing daily surges of multiple times. Everyone feels that this time is different. The altcoin season officially arrives. At this time, BTC and ETH also begin to reach historical highs.

Then, liquidity suddenly retreats at a certain peak, the market collapses, and we once again enter a long bear market.