When a bullrun arrives, many cryptocurrencies tend to rise, but not all do so at the same pace or in the same phase of the cycle:

1. The bullrun is led by Bitcoin

Although many cryptocurrencies rise in a bull market, what usually marks the beginning and direction of the cycle is Bitcoin.

Bitcoin is the most solid cryptocurrency, the one that generates the most confidence and attracts money from large investors first. When the price of Bitcoin starts to rise strongly, it pulls the market up. It is the clearest signal that the bullrun has begun.

2. Then the capital rotates to Ethereum and other large coins

When Bitcoin reaches a level where it starts to consolidate or rise more slowly, many investors look for higher returns in other large cryptocurrencies.

At this moment, money starts to flow more strongly into Ethereum, Solana... These coins usually have solid fundamentals and good adoption, but more volatility and potential for growth than Bitcoin.

3. Then come the quality altcoins

Once the large ones have risen quite a bit, many look for opportunities in smaller altcoins but with good projects behind them.

This is where infrastructure tokens, recognized DeFi protocols, and projects linked to emerging narratives like artificial intelligence, real world assets, gaming, etc., come in.

4. Speculative phase: memecoins and tokens without fundamentals

When the market is completely optimistic and the sentiment is euphoric, money begins to move toward highly speculative assets.

This is where memecoins, new tokens with little utility, and low-quality projects rise. It is also when many new users enter the market, drawn by quick profits. This is the riskiest stage of the cycle, where more scams and rug pulls also appear.

5. Final phase: euphoria and correction

At this point, it seems like everything is rising nonstop. There is a feeling that the market can only continue to grow. However, it is just when the more experienced investors start to sell. Capital distribution occurs, and shortly after, the market corrects sharply.

Knowing this can help us better seize market opportunities, maximize profits, and reduce risks. Understanding which phase of the cycle we are in allows for clearer decision-making and avoids moving blindly amid the euphoria.