In 2024, the cryptocurrency market experienced three waves of growth, but the bull market is not over; it's just a local bull market for 'mainstream coins,' while most altcoins didn't benefit at all.
First wave: At the beginning of the year, the Bitcoin ETF was approved, leading to a frenzy of external money buying Bitcoin through the ETF, which directly propelled BTC, while other coins lagged behind. Later, BTC struggled to rise, even dropping below $50,000 in May, leading to an overall market decline.
Second wave: Around the time Trump took office, there was anticipation that he would support cryptocurrency (for instance, large companies hoarding Bitcoin and changing the SEC chairman), which gave BTC a push. However, other mainstream coins (ETH, BNB) saw weak growth, with only SOL benefiting from the popularity of Meme coins. Later, Trump's trade war cooled the market again.
Third wave: Recently, the U.S. has relaxed its cryptocurrency policies (for example, allowing staking and clarifying the ETF path), leading large companies to treat ETH, BNB, SOL, and OKB as strategic reserves (holding without selling), resulting in another wave of growth for these coins. Although the market has declined for two weeks now, coins like BTC, ETH, BNB, SOL, and OKB—those with 'background'—remain relatively stable, and large companies holding these coins have not sold, leading to low supply pressure.
Why the decline? Mainly because people are worried about a potential interest rate cut in September and an economic recession, but the U.S. stock market hasn't seen a significant drop (the fear index is only 15, far from the panic line at 30), so this wave of selling seems more like retail investors panicking rather than a systemic collapse. As long as the U.S. stock market remains stable, BTC will hold its ground.
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