1. Phase 1: Bitcoin

Main Flow: Money moves into Bitcoin, causing price surges.

Phase Overlap:

Money starts flowing into Ethereum, but it struggles to keep up with Bitcoin.

Ethereum fluctuates with Bitcoin and begins to outperform it.

2. Phase 2: Ethereum

Main Flow: Ethereum is outperforming Bitcoin, and there are talks of a "flippening" (Ethereum potentially surpassing Bitcoin in market cap).

Phase Overlap:

Money starts to flow into large-cap cryptocurrencies, leading to significant buy-ups.

3. Phase 3: Large Caps

Main Flow:

Ethereum continues to outperform Bitcoin.

Large-cap cryptocurrencies experience parabolic growth.

Phase Overlap:

Regardless of market cap, some altcoins with strong fundamentals begin to see price pumps.

4. Phase 4: Altseason

Main Flow:

Large caps have surged and reached blow-off tops.

Mid caps, low caps, and micro caps also tend to pump around this time.

Large caps outperform Bitcoin and Ethereum.

Every coin appears to be going parabolic, regardless of fundamentals.

Memes are prevalent, excitement is high, and there's a palpable mania in the market.

The red arrow points to the statement in Phase 2 indicating that Ethereum is outperforming Bitcoin, signaling the progression towards a potential "flippening."