Let's review the first wave of the fifth round of Bitcoin bull market. The order of hot spots is inscriptions, AI, and MEME. During this period, there are also local hot spots such as DEPIN, RWA, re-staking, modularization, and the market of mainstream coins.

The second bull market was mainly a bull market for Bitcoin and Bitcoin altcoins. The third bull market was mainly Bitcoin altcoins led by anonymous coins, and public chains led by Ethereum were collective hot spots. The fourth bull market was mainly DEFI and the metaverse, as well as new public chains. So for a big bull market, two major hot spots are enough. This time it is Bitcoin ecological inscriptions and artificial intelligence, and the remaining local small hot spots such as new MEME and DEPIN.

During the first wave of this bull market, the new coins that broke out were mainly in the hot concepts, while the non-hot new coins performed mediocrely.