shows the relative lengths of the bull and bear markets since 2014, which appear to be getting shorter since 2018 . points out the absurdity of the latest bull run that made billionaires by the fistful: There were 69 unicorns in March this year – that is, cryptocurrencies with a market capitalisation of more than $1 billion. By May there were nearly 100.
Five of the top 10 cryptos trading on the Uniswap exchange were “dog meme” coins with no real utility or technology behind them. Yet they generated $1.5 billion in trade in one day earlier this month. Many of these ‘meme’ coins will likely disappear, but some will survive, and there is no certainty that this bubble is anywhere near finished, particularly for established coins like bitcoin and ether .Bitcoin’s continued adoption by institutional and corporate investors looking for refuge from the inevitable inflation that comes with central bank money printing suggests this latest drop is a breather in a much longer bull market still to manifest.