Core indicators of bull and bear cycles:

1. Total Market Cap and Market Cap Proportion

• Early Bull Market: BTC Dominance rises, funds concentrate into Bitcoin.

• Mid Bull Market: ETH Dominance starts to rise, funds begin to flow into other top assets.

• Late Bull Market: Market cap of small-cap tokens rises rapidly (Altcoin Season), BTC Dominance drops significantly.

• Early Bear Market: BTC Dominance begins to recover, funds flow back into Bitcoin for safety.

• Late Bear Market: BTC Dominance remains high, but market trading volume is low.

• Scope of Application:

• Applicable for judging bull and bear cycles in the entire market.