Recently, I have been thinking about the progress of this bull market, especially the performance of Bitcoin and altcoins.

The situation in 2025 will not simply replicate the pattern of 2021, although many people reference 2021. In fact, 2021 itself was different from 2017; it is more similar to 2013, although the development of the second wave was somewhat unusual.

It is expected that 2025 may see a market trend similar to 2017, which means there will not be a clear two-stage market, but it will not be completely identical either.

From the performance of altcoins over the past two months, they are no longer following Bitcoin as closely as they did in 2021, especially after January 12, when altcoins began to follow the trend of Ethereum more. Although the prosperity of the Ethereum ecosystem has driven the trends of many altcoins, there are also some altcoins that maintain their own independent rhythm.