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There has been a lot of concern about 2018 repeating in 2022; however, those who are aware of the nature and evolution of the cryptocurrency space have to state that it cannot be so. They point to the market maturity and on how there is a considerable amount of adoption and how investors are mature and how maxis have shaped the market.
Gone are the days when investors rush to sell and cash out when a crash or dip begins. Looks like they are trained to be persistent when the market crashes. Obviously, we have NFTs (Apes, Ducks, Cartoon characters) and Metaverse in its nascent stage and investors are unsure of investing in such assets, but the core ideals for the cryptocurrency space are set and it is not going to an all fall down for the Humpty on the wall.
The overbought and oversell thing is here to stay. Spoil sport regulatory events are here to stay like it was the FED and SEC in the past, it is going to be interest rates and new government policies, but despite all the market is going to sustain the story.
Also, there are lot of parallel cycles happening – it is the not the Bitcoin giant wheel pulling the market up and down with itself. There are several cycles Cardano Cycle, Ethereum Cycle, TRON cycle and it just looks like every Altcoin has a reason every season – so, every ecosystem has a season for itself. So, 2018 Vs. 2022 will not unfold the same way for all players. Trends like Exchanges getting kicked off countries is also going to happen. A wide array of comical trends will be there, but that will not call the game “The End.”
Eric.eth Shared: Comparing today’s market too early 2018 is just silly. Anyone doing that likely wasn’t around then. In 2018, we had large ICOs dumping ETH, no mainstream adoption, BTC maxis dominating the narrative, and major funding concerns. Early 2022 is NOTHING like early 2018.
Community Response: Not to even mention no institutions investing yet. The real ones knew Ethereum was me but it wasn’t even a sure thing. So, so different.
The biggest difference IMHO is just the flat fundamentals supply curve got shifted quite a lot.
Over the last 24 hours, 5526 ETH were burned to operate the Ethereum network. 947 BTC were issued to operate the Bitcoin network. ETH holders received almost $17m for Ethereum’s operation. BTC holders inflated away $39.3m for Bitcoin’s operation.
No blowoff top yet at all. Bitcoin same price as a year ago. Still consider 100k 20k likely this year.
As an L1 maximalist, don’t you think ETH has arguably way fewer chances to reach these values at BTC = 100k now that everyone uses other chains?
Now we have: Large NFT scams dumping eth Mainstream adoption, but only for blatant Ponzi’s Anonymous cartoon characters dominating the narrative A federal reserve looking to raise rates quickly and an SEC that vows to crack down on crypto weekly.
This is a closed POV. Crypto is much bigger than NFT. Scams are also not as vile as it was in 18.
ETH isn’t going down 94% again It’s going down 100%.
In 2018 the market was overbought. In 2022 the market is again overbought. It’s just humans being humans. In 2018 the catalyst was the SEC chair saying he saw tokens as securities. In 2022 it’s the fed again taking an adverse fiscal policy that will negatively impact equities.
Yep. “Cycle” talk is dumb in itself — expecting anything close to mathematic cyclicity is stupid for this market. It isn’t just BTC anymore. Weird why such a small sample size of “bear markets” controls people’s brains. I guess just superstition. And the ’18 PTSD talking.
We’ve already seen the “Crypto” market go from homogenous/largely-BTC to a mix of a few large crypto ‘sectors’ like NFT, Defi, and Money. Likely there will be more and more times where one [sector] does well and another doesn’t, etc, and see a lesser correlation.
You must forget. We had mainstream talking about BTC incessantly. Institutions were purchasing then as well; it just wasn’t as widely reported. Instead of ICO dumping ETH, replace it with VCs. Now ETH Maxi’s dominating narrative. NFTs are entirely held up by MLM and Ponzi yields
People are purchasing pictures of donkeys with sombreros for hundreds of dollars. This is sustainable, right? Add in impending stable coin reg., network reg., and the SEC investigating NFTs as possible securities. We may not be at the top, but this doesn’t look good whatsoever.
And the non-existing job market for smart contracts devs. I remember a study by Consensys at the end of 2018 saying that over 85% of crypto startups were either self-funded or bootstrapping. The story has a happy ending though, my goodness, these devs made it so hard during this bull run.
if you are one of the devs who joined crypto in the middle of the bull run, remember that the bear market is where future crypto rock stars are made.
100% agree. Also, poor institutional infrastructure. 2017 funded most of Binance’s and Coinbase’s empire. The numbers they put up in 2017 vs 2016 are staggering.
