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After a bearish year of price swings that culminated in a tightly wound sideways movement, the bottom dropped out for the crypto market when BTC finally pierced $6k this month. Colin Harper looks to past analogies of historical Bitcoin crashes to impart what the data tells us about where we go from here.
In times of market heartache, enthusiasts and hodlers often parrot the aphorism “1 BTC is still 1 BTC” as a source of solace. This might be of small comfort for those who are down 80 percent against fiat on their original investment. But the sentiment of the phrase does encourage listeners to pay attention to non price-related growth. And that perspective is: Price does not necessarily equate to growth or adoption. Indeed, just as the ICO boom of 2017 has left the market inundated with high-market-cap projects and DApps that are struggling to find users, the 2018 bear market has seen the cogs of development grind against the noise of the market’s crash.
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