Although Bitcoin has reached a new high, the overall cryptocurrency market value has not reached a new high, which means that other altcoins have not yet risen. In December 2024, the overall cryptocurrency market value was 37 trillion, but currently, it is only 34 trillion. The altcoin season index is currently only 25, so altcoins are definitely not in a very crazy phase yet.

What is driving Bitcoin is new money from outside the circle, serious large funds, while altcoins, including Ethereum, have not yet enjoyed the affection of outside capital.

However, in every market cycle, Bitcoin rises first, and it may even suck up the gains, and then after Bitcoin stops rising, other altcoins will start to go crazy. Therefore, this round of altcoins still has a chance to enter a phase of cyclical bull market; it just depends on how high Bitcoin can go—the higher it goes, the stronger the momentum for altcoins afterward.

Recently, looking at the U.S. stock market, there might be a pullback because the U.S. stock market has not had a significant pullback since April 22, and has been rising continuously. However, the pullback won't be too large; it is estimated to be around 5% at most, which could pull down the crypto market a bit. However, the long-term outlook is certainly optimistic because interest rate cuts will come in the second half of the year. Any minor pullback in mid-May will be a good opportunity to get in.

In short, after Bitcoin reaches a new high, there is a feeling that altcoins are somewhat suppressed, and everyone should be prepared for altcoins to catch up at any time.