The cryptocurrency market in August has always been exciting, with a main character leading the market trend each year. Last year, Bitcoin dominated; while this year, Ethereum (ETH) seems to have taken over the baton. Many investors are pondering: Can ETH reproduce last year's Bitcoin doubling myth? Will other crypto assets follow the pump? Is the bull run really upon us? Let's delve into these questions by comparing last year's market performance, analyzing current capital flows, and following important event nodes.

First, we need to clarify the fundamental difference between this August and last August. Last year was a solo performance by Bitcoin, while this year ETH has taken center stage, with a completely different funding logic behind it.

Looking back at August 2023, the market trend was very clear: Federal Reserve Chairman Powell hinted at the Jackson Hole meeting that the interest rate hike cycle might be coming to an end, although he did not directly announce a rate cut. This signal triggered a massive influx of funds into the Bitcoin market. At that time, the price of Bitcoin soared from $28,000 to $42,000, an increase of over 50%. However, ETH lingered in the $1,800-$2,200 range, with a maximum increase of only 22%. The performance of other Crypto Assets was even more dismal, with most coins experiencing a decline of over 10%, and there was even an extreme divergence where Bitcoin rose while other coins fell.

This 'solo eating' style of pump pattern highlights Bitcoin's absolute dominance last August. In contrast, this year's market landscape seems to be changing, with ETH showing stronger appeal and growth potential. The reasons behind this shift are worth exploring in depth, including technical upgrades, ecosystem development, and investor sentiment among various factors.

As the crypto assets market continues to evolve, investors need to closely follow market trends and rationally analyze various factors that may affect prices. Whether ETH can replicate Bitcoin's brilliant performance from last year still needs time to verify. Regardless, August in the crypto market is destined to be a period worth paying attention to.