Is the current Bull Run sustainable? 🤔
While BTC continues to test whether it can break through 50K, the overall cryptocurrency market continues to rise. Bitcoin's dominance is 43% approx as of the morning. The rise of altcoins centered on ETH and SOL and the slowdown of bitcoin’s rise led to a decline in dominance.
ETH, SOL, and ADA continue to rise. Rather than relying on simple market sentiment, technological development and external expansion are added based on a trusted network such as mainnet upgrade, market expansion of major exchanges, and smart contract introduction/expansion through network upgrade. I think it's showing a decent enough rise.
The evolution of major altcoins is an atmosphere that raises the price and investor sentiment of BTC, the leader of the cryptocurrency market, as well as raising them. The rapid, wide, and continuous development and expansion, not just affecting investment sentiment, stimulates other coins as well, proving that there is no permanent winner.
The major 1st Layer coin/ecosystem such as ETH, SOL, BNB, AVAX, COSMOS, and DOT are competing for survival and expansion while receiving mutual stimulation. DOGE began its systematic development with the participation of Vitalik Buterin and Elon Musk to increase its credibility. In the midst of such development and evolution, hacking still occurs, and pseudocoins (DOGE 2.0) that lure investors by copying existing coins are still occurring.
However, virtual currency is not just focused on technological evolution, but is becoming more mature considering the regulations of each country and investor confidence. This maturity is gradually approaching a level close to that of the existing financial ecosystem and credibility. I believe that sooner or later, regulators, governments and large investors will enter the stage of jointly creating and enforcing regulations on a sufficiently reliable basis.
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