If completely replicated: By the end of December 2020, Bitcoin broke through the previous high of December 2017. By early January 2021, the price of Bitcoin was already twice the high point at the end of 2017, while Ethereum was still less than half of its early 2018 high. Currently, Bitcoin is 1.5 times the high point of 2021, and Ethereum has already reached 70% of the high point of 2021. Looking at it this way, it feels like things have improved a bit.

Regarding the friction of altcoins over the past two years, this muscle memory will not fade quickly, and the shift in thinking takes time. Therefore, in the early stages of the altcoin market, many people are hesitant to make bold moves; as soon as there’s a hint of volatility, profit-taking happens immediately.

In fact, the early stage of 2021 was quite similar; often it was just short-term emotions playing tricks. The main issue in this bull market is that while altcoin leader ETH will also rise, its performance is certainly not as strong as the last round, and most altcoins are correlated with ETH. Therefore, the overall explosive power of altcoins in this round remains to be observed.