Why was the previous bull market so fierce, while the current bull market seems dull?

First, looking back at the past market, there were relatively few types of digital assets, and investors had limited choice. The market capitalization was not large at the time, so some projects, even if the market capitalization was only tens of millions of dollars, could easily increase tenfold or even a hundredfold as long as there was some buying.

Second, in comparison, the current market's circulating market capitalization is huge, and the amount of funds required to achieve several times growth is also correspondingly huge. A tenfold increase in the market capitalization of $100 million and a tenfold increase in the market capitalization of $1 billion are completely different concepts.

Third, the past market lacked the diversity of the present. Today, the crypto market is full of various types of projects, including pledge sectors, AI sectors, DeFi, Meme, etc. Investors have a wider range of choices, resulting in frequent changes in market hotspots.

Fourth, the number of investors participating in the market is relatively limited, and the popularity is not enough. Many people still do not have a clear concept of Bitcoin and blockchain.

Finally, some current project parties may lack the pattern and vision of the past, and are more concerned about how to profit from it, rather than how to promote consensus and technological development, and how to improve the long-term value of the project.