 | CURRENT CYCLE vs. LAST CYCLE - TOTAL CRYPTO MARKET CAP DRAW-DOWN 1.1 Here is the global crypto market cap over all-time : Total crypto MC over all-time. 1.2 Here is the 2017/18 Bull, leading into the following bear market. Here is the 2021 Bull, leading into the current bearish market. CURRENT CYCLE High to Low: We reached a peak total MC of 2.73 Trillion on November 3rd, 2021: We reached the most recent low of 0.805 Trillion total MC around January 3rd 2023 (0.81 T): This results in roughly a 3.37X drawdown from cycle high to low: PREVIOUS CYCLE High to Low: On January 7th 2018, we reached the cycle high of 0.818 Trillion total crypto MC : On December 14th, 2018 we reached the following low of 0.101 Trillion MC This resulted in roughly a 8.09X draw-down in total crypto MC from cycle high to low, much higher than the current draw-down of this cycle: It is evident to see that if the market cycle bottom for BTC IS in fact in, then the total crypto market cap has held up significantly better than in previous cycles. I would suspect this is due to loyalty being divided among so many different projects now, thus the total MC is not as reliant on BTC itself. I found it interesting as well, that the total MC bottom for crypto does not directly correlate with the bottom of BTC, and many other projects (which happened during the FTX black swan in November 2022), instead the total market cap bottom actually came much later, in January. [link] [comments] |
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