#加密货币市场走势 Reflecting on the 2017 bull market, Bitcoin once surged past $20,000, and the entire crypto market was booming. Now seeing Bitcoin once again reach the $90,000 high, I can't help but marvel at the magic of market cycles. Behind this rally, Federal Reserve policy expectations have played a significant role. ADP employment data fell short of expectations, and market expectations for a rate cut in December remain strong. However, history shows us not to bet lightly on a single factor.

The current market enthusiasm reminds people of the 2021 bull market, but a closer look reveals differences. Institutional participation is higher now, and the regulatory environment is clearer. The SEC chair mentioned that the crypto legislation is about to pass, which is a positive signal. At the same time, large asset management firms like Franklin launching Solana ETFs also indicate increased mainstream financial acceptance of crypto assets.

However, it's important to stay alert during a bull market. The "market share competition" mentioned by Solana co-founder is worth paying attention to. As market capitalization rises, competition among different public chains will intensify. Investors need to focus on the actual implementation and ecosystem development of various projects, rather than simply chasing price increases and selling off. History tells us that pure speculation will eventually collapse; only projects that truly solve problems can survive long-term.