I mention this informally, but during the surge phases in 2017 and 2020, bitcoin's dominance declined. Currently, with the ongoing rise, the dominance of bitcoin continues to increase. Add to that the growing enthusiasm on social media, even among those less familiar, as if the bear market never happened.
A crucial point to note is that the main current boost for bitcoin (and cryptos in general) comes from the high validation probability of spot bitcoin ETFs. It would not be surprising to see the market correct once the first spot ETF is officially approved. As discussed earlier this year, “buy the rumor, sell the news.” Once the spot ETFs are validated and the market has corrected properly, we should see the true advent of the bull market.
