In the world of Crypto Assets, Bitcoin (BTC) has always held a central position. When we talk about Bitcoin, we often think of its wildly fluctuating price, periodic Halving events, or the highly publicized ETF news. However, behind these striking phenomena, there is another often overlooked but equally important indicator: Bitcoin's market dominance.

Market share is like a mirror, reflecting the trends and changes of the entire crypto assets market. Recently, Bitcoin's market share, fluctuation, on-chain data, and the upcoming Halving event in 2028 have once again become the focus of market attention. Let's delve into these aspects:

1. The Evolution Logic of Bitcoin Market Share Over the Past 12 Years
2. The warning signal released by the current decrease in volatility and the reduction in on-chain activity
3. The impact of the future Halving mechanism on bull markets, and the new changes that may come in 2028.

This is not just an interpretation of data, but also a deep insight into market trends, rhythms, games, and predictions.

Evolution of Market Share: From Monopoly to a Strong Dominant Position

Looking back at 2013, the cryptocurrency market could be said to be dominated by Bitcoin. At that time, Bitcoin's market share was as high as 93.3%, even reaching a historic high of 99.1% on May 29, 2013. The market environment back then was completely different, with no projects like Ethereum and Solana that later emerged; other cryptocurrencies (commonly referred to as 'altcoins') were almost nonexistent, and Bitcoin almost monopolized the entire market.

However, the market landscape has never stopped changing. Since 2013, the crypto assets ecosystem has undergone tremendous transformations. New blockchain projects continue to emerge, bringing diversity and innovation to the market. Although Bitcoin's absolute market value continues to grow, its market share has inevitably declined. This does not mean that Bitcoin has lost its significance; on the contrary, it reflects the robust development of the entire crypto assets market.

Bitcoin still maintains its core position as digital gold and a store of value, while also leaving room for the development of other crypto assets projects with different functions and uses. This balance both preserves Bitcoin's dominance and fosters innovation and growth across the entire ecosystem.

As the market matures, we see that Bitcoin's market share tends to stabilize, forming a relatively robust range. This range reflects the market's recognition of Bitcoin's long-term value, while also showing the important position of other crypto assets within the overall ecosystem.

Looking ahead, Bitcoin's market share will continue to be an important indicator for observing market trends. It not only reflects the performance of Bitcoin itself but also serves as a barometer for the overall development of the crypto assets market. For investors and market analysts, keeping a close eye on this indicator helps to better understand changes in market structure and provides important references for investment decisions.