Last night, Bitcoin dropped, and altcoins didn't follow. Looking back at this round of market activity, it turns out that altcoins as a whole haven't surged much; rather, they have experienced two peaks followed by a small rally before ending. ETH has never broken its previous high, while Bitcoin remains the star of the show, following its own unique trajectory.
The reason for this market trend, in my opinion, is primarily because BTC and the current crypto market are still divided into two categories. Since the approval of the ETF, the liquidity and capital brought by BTC have not spilled over to other tokens. The seemingly prosperous market, aside from Bitcoin, still shows altcoins in a poor state, which explains why Bitcoin can consolidate at high levels while altcoins are experiencing a flood, with Bitcoin reaching new highs and altcoins still shedding.
One could say that this round belongs to Bitcoin's unique bull market, or rather, the bull market we have been expecting has yet to arrive. Currently, many altcoins are actually looking at ETH's performance; perhaps when ETH starts to break out, the bull market we are hoping for will truly arrive.
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