Current Market Analysis Recently the cryptocurrency market has experienced a series of market fluctuations and we have identified three recent waves through our review. The first wave was driven by old coins (e.g. BCH), the second wave was represented by traditional DEFI old coins (e.g. COMP), and the third wave was affected by the SEC regulatory event of XRP. All three waves failed to exceed $160bn in terms of capital volume, and combined with the inflow of capital from exchanges, we believe the market has now reached the end of its run. When judging the market, we need to focus on the event level and the technical level. Event-level cooperation includes positive news such as regulatory relaxation and the passage of ETFs for capital management companies, while technical-level verification is manifested in the ability of Big Cake and other tokens to stand firm at the previous highs of the year. The fit and validation of these indicators will be effective in determining the trend of the market.