The previous bull market can roughly be divided into several stages:

1. BTC dominance rises, altcoins suffer, BTC remains strong.

2. ETH takes over and skyrockets, with hot altcoins rising alongside Ethereum, such as L2, blockchain games, metaverse+, new public chains, and other tracks.

3. All coins rise, scenarios where assets double overnight, MEME performance season, shitcoins flooding the market, various altcoins, scam coins, and worthless tokens rise to make you question life. Various wealth myths, more numerous than small ads, FOMO reaches its peak.

4. A complete collapse, mainstream coins significantly retrace, and altcoins plummet.

However, since this round of the bull market began, the fundamentals have changed, so it probably won’t rotate like this anymore.

The script for the first stage is the same, but starting from the second stage, ETH won’t skyrocket continuously; it will experience ongoing fluctuations until this bull market ends, and it may not break its previous high of 5000. The funds rotating out of BTC won’t return to altcoins but will flow back to U.S. stocks and some projects backed by Wall Street and U.S. capital, repeating the cycle.