Bitcoinwin: Mainstream Shanzhai "Hundred Flowers Bloom", A New Bull Market Starts

According to the Bitcoinwin market, BTC has continued to fluctuate and decline in the past 24 hours. The market fell back under pressure after reaching around 58400 yesterday, and the bulls wanted to attack, but they were blocked by the strong pressure zone of 58000--59000, and the random market fell back. As of now, BTC is at 55800, down 2.27% within the day and 1.76% within 24 hours.

As the leader of cryptocurrencies, the fluctuation of Bitcoin has always been regarded as the weathervane of the encryption market. Previously, when Bitcoin reached the $600 million mark for the first time, Ethereum also broke through $2,000, hitting a record high of 64,800 in BTC, and ETH just reached 2,400.

However, affected by multiple factors such as regulation, the price of Bitcoin has continued to fluctuate recently, while Ethereum, which has followed up and down many times before, seems to have "its own idea" recently and has stepped out of the independent market.

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Why has Ethereum been able to get out of such an independent market in the near future?

Unlike the "currency attribute" of transactions on the Bitcoin chain, Ethereum focuses more on the "platform attribute". Just like running various programs on the Windows system, based on Ethereum, users can create various decentralized applications, issue smart contracts, issue their own cryptocurrency, etc. The rich blockchain application ecology has also released enough market vitality for Ethereum. The most eye-catching projects are the dark horse application DeFi in 2020 and the popular NFT this year. All of these have contributed to the prosperity of the Ethereum ecosystem. Ethereum has gradually become a rigid demand for various platform application projects, and naturally the price of the currency has risen.

As Ethereum continues to set new all-time highs, Bitcoin's domination of the total cryptocurrency market capitalization is declining, falling below 50% for the first time since August 2018, and currently stands at 42.9%. During the same period, Ethereum has risen steadily, and the current market value accounts for 16.3%. In addition to the soaring market value of Ethereum, other mainstream market values ​​are also rising rapidly.

Other mainstream currencies are mostly affected by the surge of ETH, and they have also started a rapid rise mode. Such as BCH, EOS, LTC, ETC, DOGE, etc.

Let's briefly count the changes in the gains of several mainstream currencies since April 1.

We can see from the above figure that the mainstream coins have risen sharply since April, and Dogecoin has risen by more than 10 times, which makes everyone exclaim and amazed.

The mainstream currency "let a hundred flowers bloom", in fact, we have explained the logic behind it in the first half of the article, mainly due to the strength of ether, the leading effect has driven the mainstream to skyrocket. Unlike in the past, BTC's influence on the cryptocurrencies in the entire market is gradually decreasing, and most cryptocurrencies can go out of the independent market. Perhaps this is a new type of bull market, at least as an investor, you don't have to worry too much about whether BTC will rise or fall because you have invested in mainstream currencies.