Since the inception of Bitcoin in 2009, crypto has experienced three major bull runs, whereas each bull run has had its own unique characteristics. As the total market cap of crypto remains ever-increasing, so has the amount of categories and altcoins in crypto. This article will in short review previous bull runs and the adherent categories of crypto that each bull run brought to life along with massive hype. We believe next year will mark the beginning of the fourth major bull run in crypto. This bull run will bring new, though at this point unknown categories to life as we in 2024 will see yet another Bitcoin halving (and potentially plenty of Bitcoin and Ethereum spot ETFs).
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The first bull run, in late 2013, saw Bitcoin skyrocket from around 130 $ to 1200 $. This bull run largely revolved around Bitcoin itself as Bitcoin held a dominance of around 90% of the total market cap of crypto. Though a few altcoins presented themselves, the focus was entirely on Bitcoin. This run became known as the Bitcoin bull run.
In the second bull run, late 2017 and going into 2018, Bitcoin ascended from around 1100 $ to 19,700 $ as it made headlines around the globe. The interesting aspect of this bull run was all the altcoins which presented themselves. Ethereum, which at this point had been running for a few years, rose from around 8 $ to a peak of almost 1400 $ in early 2018. Other projects such as Ripple, Cardano, Nano e.g also made mammoth gains in the bull market in which many discovered their interest in crypto. Other than the price action itself, these altcoins distinguished themselves as they set out to solve problems outside of what Bitcoin could do. These honourable projects, amongst many others, really expanded the capabilities and reach of blockchain technology. It also became clear that one could take part in the world of crypto through different communities outside of the core Bitcoin community.
During the third and to date last bull run, late 2020 through 2021, Bitcoin rose from a low around 3900 $ to approximately 69.000 $. Altcoins in general rose with it, but a whole new set of categories emerged. Most notably, DeFi gained massive traction as different DeFi protocols replaced traditional banking services such as lending e.g. “Meme” coins also gained a ton of popularity during this run. Though Dogecoin had been around for some time, “meme” coins were created in the several thousands after Elon Musk endorsed Dogecoin. To end it all, and after the massive rally in traditional crypto, NFTs became the talk of the town as it opened up for blockchain to expand into several different industries.
In all, one could speculate endlessly when trying to figure out which categories that will be the most hyped ones come next bull run. Judging by previous bull runs though, all we know is that the usual suspects may very well make their mark, but other than that, all we can do is wait and see.
This text is intended to inform and is not an investment recommendation.