The early stage of a bull market has these typical characteristics:

1. Bitcoin leads the rally effect: When Bitcoin surges, funds flock to it, causing altcoins to perform relatively weakly.

2. Bitcoin's pullback makes altcoins more vulnerable: Whenever Bitcoin adjusts, altcoins often experience sharp declines, increasing the overall market risk.

3. New concept coins emerge: Those new coins with independent logic or trending concepts may stand out during this phase.