Bitcoin has returned to the $50,000 mark, the spot market is booming, and the options market is generally bearish. Whose second bull market will it be, altcoins or Bitcoin?

After five consecutive weekly positive lines, Bitcoin finally regained the $50,000 mark today, and the price of the currency returned to its highest level since mid-May. At this time in May, Bitcoin was rapidly retreating from its high of $65,000. At the same time, the US dollar is continuing to weaken, and risk aversion is brewing in the market. In addition to the cryptocurrency market, commodities and precious metals have also begun to show an upward trend.

According to Bitpush data, Bitcoin is trading at $50,340, up 2.6% on the day. From its low point in mid-July, Bitcoin has risen by nearly 66% in just over a month.

At the current price, Bitcoin has now recovered 77.68% from its all-time high of $64,800 on April 14, far better than the 60% high of the second round of the previous bull market. The current price is trading above the 200-day moving average. According to past trading data, there is almost no obvious resistance between the current level and around $57K, and the dawn of the second bull market can be vaguely seen.

But not everyone is optimistic about the so-called second bull run, with online analyst CrediBULL Crypto advising caution as resistance approaches, adding that this area is currently the most likely place for a sharp correction.

As CrediBULL Crypto represents the general cautious attitude of professional traders, Bitcoin's "last gasp" still has risks. Online analyst Material Scientist analyzed on Twitter that options traders generally believe that Bitcoin prices may fall back to a low of around $32,000-34,000, and there are a large number of put options around $50,000. From the perspective of the options market, traders are not optimistic about the market outlook.

Last week, PlanB, a well-known analyst, updated his S2F model and said that the model is still applicable to the price of Bitcoin, and according to the chart, the second stage of this bull market is coming. In the tweet, he also reiterated his prediction that Bitcoin will exceed $100,000 by the end of 2021. Bitcoin's rise today seems to confirm his speculation.

According to CMC data, the total market value of cryptocurrency assets has risen by 3.2% to $2.22 trillion. This means that in the past 24 hours, this also means that the current trend of the altcoin market is better than Bitcoin, and Bitcoin's market share may decline further in the future. Judging from the Bitcoin market share data that the crypto community generally pays attention to, this is more like the second round of altcoin bull market. Bitcoin's market share has fallen from nearly 50% at the end of July to 44.01% today, and this year's lowest point of 39.54% occurred in mid-May.

Interestingly, Cardano's native token ADA has surpassed its historical high of $2.52 in mid-May. According to Bitpush data, as of press time, the price of ADA is $2.85, with a daily increase of 10.68%. Due to a series of recent blockbuster news releases by Cardano, including the upgrade of open smart contracts, the development of stablecoin projects, and the founder's voice for crypto bills, the ADA market has become more popular. In a recent Reddit poll on "Which cryptocurrencies do you regret not buying earlier", nearly 80% of participants voted for ADA. We have no way of knowing whether Bitcoin will usher in its second round of bull market, but it is clear that ADA has ushered in its second round of bull market before Bitcoin.