When Bitcoin reaches a relatively high point, people's interest in trading Bitcoin diminishes, and funds flow into Ethereum and some mainstream coins. When these coins reach a relatively high point, funds will flow into other altcoins. Due to their smaller market capitalization, we can see that a portion of the inflow can lead to several times the growth.

Finally, when Bitcoin's market capitalization drops to about half of the peak market capitalization of this bull market, the bull market ends, entering a bear market. After Bitcoin drops about 70%, the main players start to accumulate Bitcoin at the bottom, waiting for the accumulation to finish before starting to push the price up, entering a new round of bull market, and this cycle repeats.