#数字货币市场回升 has been pondering how to view the market trend in 2025 recently.

To be honest, the traditional four-year bull-bear cycle framework may no longer be applicable. The past pattern was a surge followed by several years of silence, but now? The situation has completely changed. We have only witnessed the crazy explosion of MEME coins in advance, and this short-term carnival has led many to mistakenly believe that the entire market has entered a frenzied state. What is the actual situation? The capital penetration rate of mainstream altcoins and L1 projects is still far from enough, which is the key difference. The surge of MEME is more driven by emotions and hot money rotation, while the funds that can support the next round of truly mainstream markets are still in the slow accumulation phase.

More importantly, the underlying logic of the entire industry has been reconstructed.

There are now practical application products, scalability solutions are gradually maturing, and cross-chain interoperability is also rapidly improving. The regulatory attitude has shifted from suppression to guidance, and policies have started to leave room for innovation. $BTC and mainstream cryptocurrencies' ETFs have been successively approved, which means that the entry threshold for traditional financial capital has been significantly lowered. Traditional banks and Web2 giants are actively looking for entry points to board the train of AI and blockchain integration. These conditions did not exist in previous cycles.

From a market structure perspective, although $BTC's dominance is still quite solid for the time being, this round of market conditions is likely to give rise to real altcoin explosion opportunities. Why do I say this? Because the sideways movement has lasted long enough, and the washout has been thorough, meaning retail investors' holdings have basically been cleaned up. Once a new catalyst emerges, the explosive force may exceed most people's expectations. Moreover, the current market participants are more diversified, and the funding chain is more complete. Once liquidity begins to focus on being released, the upward potential for mainstream altcoins and L1 will be quite considerable.