There are some differences in this bull market. On the one hand, many new projects have emerged, and teams with good concept narratives will also do things. However, many projects that shined in the last wave have re-bloomed after a cycle of death and life, such as SOL, BNB, AVAX, UNI, NEAR, FTM, GAL, YGG, UNI, STX, etc., and they all seem to have grasped new concept narratives, and the teams are also proactive and aggressive, and they are also very good at playing in terms of market value. Then it is difficult to expect that the replacement of old projects by new projects in this cycle will be as obvious as in the previous cycle. Now many old projects are also very strong.

In the last cycle, DeFi was the main narrative, hyping DeFi on ETH, then hyping DeFi on BSC, and then on Matic, and then hyping DeFi on SOL, AVAX, and FTM in the second half of the year. At that time, the amount of funds in this wave of DeFi was large, and the collective group-style charge transfer was obvious. In the current market, some people are optimistic about this and some are optimistic about that, which has caused a serious division of funds. There are people who are optimistic about each sector, and the development models are different. The funds are seriously divided, which has resulted in the fact that there is no grand scene of a sector collectively continuing to rush higher. Basically, each sector is leading the trend for two or three weeks and then lays down its flag to accumulate momentum.

When I write here, a thought flashes through my mind. As the most optimistic mainstream coins in this wave of big cakes and ether, sol and bnb, which are large-cap mainstream coins, will reach a new high in price and market value by breaking through 100 billion US dollars (the ceiling of the market value of small coins in the previous wave) to reach a new height, it may further open up the imagination space of the overall market value of small coins.