Is the bull market still here???

As the market declines, various interesting explanations and sayings emerge. Let's speak with data and charts: total3, the total market cap of altcoins (the total cryptocurrency market cap excluding BTC/ETH).

We can look at a few data points (data source: 0xWizard)

The peak in 2017 was around £300 billion, and the bottom in 2018 was around £30 billion;

The peak in 2021 was around £1 trillion, and the bottom in 2022 was around £300 billion;

Currently, it's around £680 billion, having started to decline near £800 billion (the shoulder of the last cycle).

From this data, we can derive some interesting insights:

From the bottom in 2018 to the peak in 2021, the total market cap of altcoins grew 30 times;

From the peak in 2017 to the peak in 2021, during two bull market tops, the total market cap of altcoins grew more than 3 times;

The bottom in 2022 was roughly at the market cap of the last bull market top, around £300 billion.

So, where is the market heading?

Has the bull top passed?

I think the probability is low; the total market cap of altcoins hasn't even reached the last bull top, even though so many assets have increased in value.

Most likely, we are still in the bull market.

Is there still an altcoin season?

The total market cap of altcoins, compared to the bottom of the bear market, has only doubled, and I think this kind of increase is likely to end.

In this bull market, assuming the total market cap is 2-3 times that of the last cycle, there should still be 3 to 5 times the space between £2 trillion to £3 trillion.

Most likely, the main upward wave of altcoins hasn't arrived yet, so don't rush.