The bull market in the crypto market is like a carefully choreographed relay race. Bitcoin is always the sprinter that charges ahead, explosively kicking off the bull market; while altcoins are like the endurance runners, gradually accelerating in the latter half of the race, ultimately completing a stunning overtaking before the finish line. This is the so-called 'first phase' and 'second phase' that old players talk about — hidden within this seemingly simple rhythm lies the most fascinating wealth story of the crypto market.
1. The 'Wealth Code' of the Bull Market: Who is Creating Real Wealth?
If we compare the growth of the crypto market to a large cake, in the past two cycles, altcoins have always taken the largest slice. In the crazy bull market from 2015 to 2018, altcoins contributed 66% of the total market cap growth; in the cycle from 2018 to 2021, they still captured 55% of the share. Behind these numbers are countless small coins skyrocketing from a few cents to dozens of dollars, as well as the frenzy of early investors seeing their assets multiply a hundredfold.
However, this cycle is a bit different. So far, altcoins have only contributed 35% of market growth, significantly lagging behind historical averages. The 'invisible hand' behind this is the balance of regulation. For a long time, Bitcoin has been like a 'good child' — clearly defined as a 'commodity', shining under the halo of 'digital gold', and thriving in the sunlight of regulation. This certainty has allowed it to dominate the early stages of this cycle, becoming the 'safe card' for institutional funds.
Meanwhile, altcoins are like a group of 'wild children', wandering in the gray area of regulation. The jurisdictional dispute between the SEC and CFTC, and the qualitative dilemma of whether they are 'securities' or 'commodities', has always shackled them with 'uncertainty'. Until recently, this lock has finally begun to loosen.
2. Regulatory Tailwind: Has the 'Coming of Age Ceremony' for Altcoins Arrived?
The new U.S. government is casting a 'tight spell' on the crypto market — but this time it's the gentle kind. The (GENIUS Act) signed by President Trump paves a golden path for stablecoins. Imagine regulated stablecoins becoming the 'high-speed train' of global financial transactions, with those altcoins relying on the stablecoin ecosystem becoming the busiest stops along the way?
The House of Representatives passed the (CLARITY Act), which acts more like a 'scalpel', precisely delineating the boundary between digital commodities and securities. From now on, altcoins no longer have to guess 'who am I', and the SEC and CFTC no longer have to argue about 'who will regulate'. This certainty is akin to a 'coming of age ceremony' for the crypto market — when the market knows where the rules are, capital dares to rush in.
How fast has the wind changed? Just look at the market's response. Institutions that once only dared to buy Bitcoin have started quietly studying Ethereum's staking yields; exchanges that used to avoid altcoins are updating their compliance lists. The sunlight of regulation has finally begun to shine into the world of altcoins.
3. Ethereum Leads: The 'Engine' of the Non-Bitcoin Market
If regulation is the 'tailwind', then Ethereum is the player that knows how to 'ride the momentum' best. Real-world assets are flooding toward this public chain like a tide:
In the $260 billion stablecoin market, 54% were born on Ethereum;
73% of on-chain treasury bonds choose Ethereum as their 'digital warehouse';
DAT (Digital Asset Custodial Institutions) are hoarding ETH like it's food reserves for the winter.
Wall Street has finally understood this game. The price of Ethereum, priced in BTC, has skyrocketed by 103% since it bottomed out in April 2025. This is not just a simple number game — it means that capital is voting with its feet, shifting from 'Bitcoin Dominance' to 'Multi-Currency Coexistence'.
Even more exciting things are coming: Robinhood is using Arbitrum to tokenize stocks, making stock trading as simple as sending a message; Bank of America, JPMorgan, and others are secretly developing their own stablecoins, aiming to share the digital payment pie; BlackRock's BUIDL Fund is holding $2.3 billion in tokenized treasury bonds, and Figure's blockchain-native RWA (real-world asset) trading has surpassed $50 billion...
These are not isolated events, but a grand chorus of 'on-chain migration'. When stocks, bonds, and real estate all become tokens on-chain, those altcoins that support these ecosystems (especially public chain tokens and DeFi tokens) become the 'infrastructure stocks' of this migration.
Epilogue: The second half of the bull market, is it time to change tracks?
History always rhymes, but it does not repeat itself simply. In past bull markets, altcoins relied on 'stories + funding'; in future bull markets, they may compete with 'compliance + application'. The breaking of regulations, the on-chain transformation of assets, and the entry of institutions are pressing the 'accelerator' for the non-Bitcoin market.
Those still wondering 'is Bitcoin high enough' might want to look up — the baton is already in the air, just waiting for the altcoins to catch it steadily. After all, the real revelry of the bull market often begins when the majority are still hesitant.
Disclaimer: The content of this article is for reference only and does not constitute any investment advice. Investors should consider their risk tolerance and investment goals, rationally evaluate cryptocurrency investments, and avoid blindly following trends.
