3 Phases of Crypto Bull Run

Updated

August 16, 2025

Jakarta, Pintu News – A bull run in the context of crypto is a period when the price of crypto assets such as Bitcoin , Ethereum , and others experience a sharp increase in a relatively short period of time.

This is usually driven by a variety of factors, including the macroeconomic situation, technological developments, and optimistic market sentiment. Throughout the history of cryptocurrency, bull runs tend to follow a certain pattern and can be divided into three main phases.

Understanding these three phases can help investors and market watchers respond more measuredly to market dynamics, especially when an upward trend in prices is underway.

Phase 1: Bitcoin (BTC) dominance

btcd today February 7, 2025 — Generated by AI

The first phase of a crypto bull run is usually characterized by Bitcoin’s (BTC) dominance in leading the price rise. At this stage, Bitcoin (BTC) price increases are often influenced by macroeconomic conditions and high institutional interest.

In addition, the approval of Bitcoin’s exchange-traded funds brings large capital flows into the asset. This creates a solid foundation for the next phase of the bull run.

Investors’ interest in Bitcoin (BTC) during this phase was not only due to its great potential for value appreciation, but also because it was perceived as ‘digital gold’. This belief was further strengthened by the support of major financial institutions that started integrating Bitcoin (BTC) into their portfolios.

Also read: MicroStrategy’s Bitcoin Purchase Timeline: From 2020 to 2025

Phase 2: Spotlight on Ethereum (ETH) and Altcoins

After Bitcoin (BTC), Ethereum (ETH) usually takes center stage. However, in this cycle, Ethereum (ETH) looks to underperform compared to previous cycles due to several factors.

Despite this, Ethereum (ETH) still plays an important role in the crypto ecosystem, especially with the growing adoption and development of smart contracts . Apart from Ethereum (ETH), other altcoins are also starting to get the spotlight.

Investors are starting to look beyond Bitcoin (BTC) and Ethereum (ETH) for opportunities, paving the way for altcoins with smaller market capitalizations to rise. This phase is often thought of as altcoin season, where investors look for potential ‘hidden gems’.

Phase 3: Altcoin Season

The third phase is generally characterized by significant price increases of altcoins beyond Ethereum (ETH). At this stage, cryptocurrencies with smaller market capitalizations begin to perform prominently, in some cases exceeding the growth achieved by Bitcoin (BTC) and Ethereum.

In this phase, portfolio diversification becomes relevant as the potential returns tend to be broader. However, these potential returns also come with a higher level of risk.

The altcoin market tends to have greater volatility, so it is important for investors to be cautious and considerate. Understanding the market dynamics and implementing a measured strategy can help manage risks and opportunities in this phase.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

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