Currently, Bitcoin accounts for about 60% of the market. According to the experience of previous bull and bear markets, phenomenal products will appear around 60%-70% to dilute Bitcoin's market share, such as Ethereum's DeFi and NFT. Will this bull market be the Bitcoin ecosystem?
Review the market share of Bitcoin in previous bull and bear markets

2017 Bull Market

Bull Market (2016-2017):
Bitcoin's market share dropped sharply from 80%-90% to 30%-40%.

Reason: The rise of mainstream projects such as Ethereum (ETH) and the ICO (initial coin offering) wave led to the explosion of a large number of altcoins.

Bear Market (2018):
The altcoin bubble burst, funds flowed back to Bitcoin, and Bitcoin's market share gradually recovered to 60%-70%.