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Here’s how the cryptocurrency market can overcome its macroeconomic woes

Crypto investors are treading a tightrope this year, which looks to extend into the longest bear cycle in crypto history. This anxiety may seem worn out for crypto veterans, but have we entered completely new territory this year?

First, let’s establish the proper point of reference by revisiting past bear cycles manifesting through Bitcoin price falls.

Bitcoin’s Bear Road Examined

At 13 years and 8 months old, Bitcoin is now entering adolescence. Up until February 2017, Bitcoin held 95% total cryptocurrency market cap dominance, which has since fallen to 40%, as of September 2022. In other words, for 62% of the entire crypto market existence, Bitcoin has completely dominated the scene.

This may change as Ethereum completes its transition from proof-of-work to proof-of-stake. However, even at below-half dominance, Bitcoin is still the dominant cryptocurrency. Yet at the same time, the entire crypto market moves with Bitcoin.

For this reason, it is important to see how long previous bear cycles have lasted. Bear in mind that the asset has to decline by at least -20%, followed by very negative market sentiment, to constitute a ‘bear market’ in the traditional sense.

In June 2011, Bitcoin underwent its first bear turmoil, crashing from $32 to $2.
Duration: 163 days at a -93% decline.In November 2013, Bitcoin crashed for the second time, just as it crossed the $1,000 milestone for the first time, dropping to $230. Duration: 410 days at an -86% decline.Recovering from the second bear cycle in January 2017, Bitcoin reached all the way up to $20k, but crashed in December 2018 at $3.2k. Duration: 411 days at an -82% decline.After recovering the previous $20k milestone, Bitcoin got to $63k in April 2021. Shortly after, it continued a three-month slide to $29k. Duration: 90 days at a -54% decline.Reaching ATH in November 2021 at $68.7k, Bitcoin went under $20k several times during 2022 for the first time since November 2020. Duration: Ongoing, but so far, over 309 days at -72% decline.

Although there were monthly/weekly rallies, they were short-lived. They were either…

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