The crypto market is changing rapidly, showing a clear pullback trend, especially with Bitcoin ($BTC) drawing widespread attention. Its price fluctuations are intense, akin to a rollercoaster ride, making investors' hearts race. Under the influence of Bitcoin, the entire market has fallen into an unstable state, with mainstream coins being the hardest hit and experiencing tremendous impact.
As the second largest cryptocurrency in the crypto market, Ethereum's recent pullback cannot be underestimated. Its price is rapidly heading towards below $2000, and its previous highs seem to be fading away. Investors had high hopes for Ethereum, expecting it to continue its previous upward momentum, but reality has dealt them a heavy blow.
Similarly, SOL (Solana) has not been spared in this pullback. Its price has retraced by more than half, wiping out nearly all of the previous gains. Many SOL holders are watching their assets shrink continuously, filled with helplessness and anxiety.
As for Dogecoin, a cryptocurrency that once stirred up a frenzy in the crypto market, it also failed in its attempt to break through the $0.5 mark. Previously, the market was full of expectations, believing it could surpass this key price level and achieve greatness once again. However, reality proved otherwise; Dogecoin encountered strong resistance as it approached $0.5, and subsequently began to decline.
From the overall trend of mainstream coins currently, it seems that a bear market has quietly arrived. Market sentiment has become extremely gloomy, and investors' confidence has been greatly impacted. However, careful analysis reveals that a bull market has not truly arrived. The previous market activity was merely a phase of rising prices, and Bitcoin has only shown some characteristics of the initial stages of a bull market; capital has not significantly flowed into mainstream coins, let alone altcoins.
This explains why the much-anticipated 'Altcoin Season' has yet to arrive. In past bull markets, altcoins often rode the coattails of mainstream coins' price increases, enjoying their own wave of celebration. However, this time, due to the lack of widespread capital inflow into the entire market, altcoins can only continue to hover at low levels.
It is worth noting that in 2024, both exchange operators and investment moguls are not very optimistic about the market outlook. They believe that under the current market environment, the possibility of a significant reversal is low. Therefore, most people are looking towards 2025, hoping that the market will welcome a true turning point and initiate a new bull market.
