Recently, I have been contemplating the progress of this bull market, particularly the performance of Bitcoin and altcoins.

The situation in 2025 will not simply replicate the pattern of 2021, even though many people reference 2021. In fact, 2021 itself was different from 2017; it was more similar to 2013, although the development of the second wave was somewhat unusual.

It is expected that 2025 may reflect the market trends of 2017, meaning there will not be a clear two-phase market, but it will not be completely identical either.

Looking at the performance of altcoins over the past two months, they are no longer closely following Bitcoin's lead as they did in 2021, especially after January 12, when altcoins began to follow Ethereum's trend more. Although the prosperity of the Ethereum ecosystem has driven the trends of many altcoins, there are also some altcoins maintaining their own independent pace.