1. Phase 1: Bitcoin
- Money starts flowing into Bitcoin, causing its price to rise.
- During the overlap of phases, money starts flowing into Ethereum, but Ethereum cannot catch up with Bitcoin.
- Ethereum fluctuates alongside Bitcoin and begins to surpass it.
2. Phase 2: Ethereum
- Ethereum surpasses Bitcoin, and talks of "flippening" (the situation where Ethereum may become more valuable than Bitcoin) begin to emerge.
- During the overlap of phases, money begins to flow into large altcoins (with high market capitalization), where significant purchases occur.
3. Phase 3: Large Altcoins
- Ethereum continues to surpass Bitcoin, and large altcoins begin to grow rapidly.
- During the overlap of phases, regardless of market capitalization, some altcoins with strong fundamentals start to rise.
4. Phase 4: Altseason
- Large altcoins have reached their peaks, and we observe their maximum values.
- Medium, small, and micro-cap altcoins also start to grow around the same time.
- Large altcoins continue to surpass Bitcoin and Ethereum.
