Why were previous bull markets able to bring about such dramatic price increases, but the current bull market does not seem to have such a significant effect? Here are a few key reasons:

1. **The number of currencies on the market is small**: In the past, there were not many types of cryptocurrencies on the market, and investors had relatively limited choices, either buying this or that.

2. **Low circulation market capitalization**: The circulation market capitalization of early cryptocurrencies was generally not high, which means that smaller funds can drive prices up significantly. For example, raising a currency with a market value of 10 million by ten or a hundred times requires completely different funds and influence than raising a currency with a market value of 100 million by the same multiple.

3. **The track is relatively concentrated**: In the early bull market, there were no such diverse tracks as now. Now, there are various sectors on the market, such as staking, AI, $MEME , inscriptions, runes, etc., and investors’ attention and funds are spread across multiple areas.

4. **The number of market participants is not growing enough**: Although the number of market participants is increasing, the base is still not large enough. Many people still don’t understand what $BTC and blockchain are, which means there is still a lot of potential market growth.

5. **Strategy changes of project parties**: Compared with the past, current project parties seem to be more focused on short-term interests. They study more on how to make quick profits rather than how to build long-term consensus, community participation and promote the currency. The price continues to grow. This short-sighted strategy may limit the market's long-term potential.