The second phase of the bull market, the leading role is changing

Looking back at the past two bull markets, the pattern is very clear:

• First phase: Bitcoin leads, altcoins lag behind

• Second phase: Altcoins explode, often outperforming Bitcoin

Data doesn't lie:

• From 2015 to 2018, altcoins contributed 66% of market cap growth

• From 2018 to 2021, they contributed 55%

• So far in this cycle, altcoins have contributed only 35% — meaning the story has just begun.

Why might this round see even stronger altcoins?

1. Policy tailwind: The new U.S. government has taken consecutive actions, the "Genius Act" and "Clarity Act" are clearing regulatory hurdles for stablecoins and altcoins, the policy advantages previously enjoyed by Bitcoin are now spreading.

2. Capital migration: The market cap of stablecoins is $260 billion, with 54% on Ethereum, and 73% of on-chain government bonds on Ethereum. Wall Street funds, RWA, and tokenized stocks are flooding into the ETH ecosystem.

3. Market signals: ETH priced in BTC has risen 103% since the low in April 2025.

History does not simply repeat itself, but it often rhymes.

The first act led by Bitcoin is nearing its end, and next — the stage belongs to altcoins, especially Ethereum.