Recently, the cryptocurrency market has shown a non-typical bull run trend, with the price of mainstream coins (usually referring to Bit) rising significantly, while the performance of altcoins (commonly known as 山寨币) has been less than satisfactory. This phenomenon has attracted the attention and contemplation of market participants.

Based on historical experience, in a typical bull run, mainstream coins and altcoins often show a synchronized upward trend. However, in the current market environment, although the prices of mainstream coins have achieved an increase of about 8 times, the performance of most altcoins has fallen far short of the expected 10-20 times growth.

One important reason for this phenomenon is the change in market structure. Assume that in the early stages of the bull run, mainstream coins account for 70% of the total market capitalization, while altcoins account for 30%. According to conventional logic, when the price of mainstream coins rises 8 times, altcoins should also see a corresponding increase, which theoretically could lead to a slight decrease in the market cap share of mainstream coins to 65% and an increase in altcoins to 35%.

However, the reality is that a large number of newly issued altcoins are flooding the market, with each new coin often starting at a market cap of hundreds of millions of dollars. The addition of these new coins significantly expands the total market cap of altcoins, but does not lead to a corresponding increase in the price of individual coins. As a result, while the total market cap of altcoins may remain around 35%, the price of individual coins may actually have declined.

This situation can be simply likened to the following: suppose the market value of mainstream coins increases by 5 billion, and the total market value of altcoins also increases by 5 billion. However, the growth of mainstream coins is reflected in the actual price increase, while the growth of altcoins mainly comes from the addition of new coins. If 100 new coins are added, each with an initial market value of 100 million, even if their prices drop by 50%, the remaining 5 billion market value still satisfies the appearance of the total market value of altcoins increasing by 5 billion, but in reality, the prices of most altcoins have decreased.

This market dynamic has led to a unique phenomenon: mainstream coins are exhibiting a robust upward trend, while most altcoins are experiencing a sustained decline after a brief surge. This situation requires investors to be more cautious when selecting altcoins, as mainstream coins demonstrate stronger price resilience and upward potential compared to the easily declining altcoins.

In such a market environment, investors need to pay more attention to the fundamentals and development prospects of individual altcoins, rather than blindly following the overall market trends. At the same time, this phenomenon also reflects that the cryptocurrency market is undergoing structural changes, and investment strategies may need to be adjusted accordingly to adapt to this new market landscape.