When Bitcoin rises to a relatively high point, people's interest in trading Bitcoin diminishes, and funds flow into Ethereum and some mainstream coins. Once 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 growth.

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