Currently, Bitcoin's market share is around 60%. Based on past experiences of bull and bear markets, a phenomenon-level product is likely to emerge when the market share is around 60%-70%, which will dilute Bitcoin's market share, similar to previous DeFi and NFT projects on Ethereum. Will this bull market be about the Bitcoin ecosystem?

Let's review the previous transitions between bull and bear markets and Bitcoin's market share.

2017 Bull Market

Bull Market (2016-2017):

Bitcoin's market share sharply decreased from 80%-90% to 30%-40%.

Reason: The rise of mainstream projects such as Ethereum (ETH) and the ICO (Initial Coin Offering) wave led to a surge in many altcoins.

Bear Market (2018):

The altcoin bubble burst, funds flowed back to Bitcoin, and Bitcoin's market share gradually rose to 60%-70%.

2020-2021 Bull Market

Bull Market (2020-2021):

Bitcoin's market share started around 70%, but with the explosion of ecosystems like DeFi and NFT, it decreased to 40%-50%.

Altcoins such as BNB, SOL, ADA, and DOT rose, capturing a significant market share.

Bear Market (2022):

As the market corrected, Bitcoin's market share rose back to 40%-50%.

The market became more conservative, with funds flowing back to mainstream assets like Bitcoin and Ethereum.

Current (2023-2024)

Bitcoin's market share fluctuates between 40%-60%.