In the recent cryptocurrency market, the total market value has rapidly surpassed the $2.6 trillion mark. The influx of Bitcoin and ETFs has led this wave, with various alternative coins following closely behind, some even surpassing Bitcoin in terms of gains. Currently, investors are most concerned about whether this bull market will continue until cryptocurrencies reach new historical highs.

Over the past three years, the cryptocurrency market has been stagnant or in decline. During this time, there have been catastrophic events such as the bankruptcy of FTX and the collapse of the Terra stablecoin. These events led the public to generally believe that blockchain and cryptocurrencies were just a passing fad, similar to the 0% interest rates, stimulus checks, and market speculation of the COVID era. However, true believers have been tirelessly developing infrastructure, applications, and protocols to lay the foundation for the next generation of the internet.

In recent years, blockchain has gradually approached its goal of becoming widely acceptable, easy to use, and inexpensive to build for the mass market. Although these goals have not been fully realized, the market is once again warming up to the idea that blockchain will provide the foundation for future financial and network systems.

The main driving force behind this bull market is likely the Bitcoin ETF, which was released in early January but had been speculated about several months prior. The importance of Bitcoin trading in traditional financial markets is self-evident. For the first time in history, large financial institutions and companies can easily incorporate Bitcoin into their balance sheets. This has led to Bitcoin doubling in value since October 22, rising from $30,000 to $60,000, almost reaching its historical high of $65,000 in 2021.

In the past, cryptocurrency bull markets often had a cyclical nature. There would be three years of mediocre price action, followed by a large-scale bull market that occurred a few months after Bitcoin halving. This year, the halving is expected to occur at some point in April, which has left some people puzzled as to why the market has been unusually hot. This early start can almost certainly be attributed to the institutionalization of Bitcoin and greater regulatory clarity on digital assets, just as with the XRP lawsuit victory and Uniswap's decision to distribute dividends to UNI token holders.

Given that this cycle is unprecedented in terms of public and financial industry access to cryptocurrencies, it is now more difficult to predict what will happen next. On one hand, it feels like this bull market has just begun, as Bitcoin has not yet received mainstream media attention until it reaches a new all-time high. Furthermore, with the supply shock caused by the halving and miners continuing to compete for more computing power, this may have initiated a rapid arms race to accumulate more Bitcoin. The potential approval of an Ethereum ETF, expected to occur between May and August, will further drive the market and may have a similar impact on the legalization and adoption of Ethereum as Bitcoin.

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