Will This Ongoing Bear Market Be The Longest In Crypto History?

The crypto market had experienced a bearish market which has spanned over 420 days, back in 2014-2015.  The general trend in today’s crypto market had also been quite bearish, and Ran Neuner, the host of CNBC’s Crypto Trader has predicted said

“If this bear market continues for another month it will be the longest bear market in Crypto history; 2014/15 – 420 days. 2018/19 -390 days.”

2017, had been the peak bull market for cryptocurrencies, where Bitcoin surged from a meager 1000 USD to a spectacular 20,000 USD, while other cryptocurrencies also recorded massive hits. however, it seems as if the tables have turned since and the valuation of the crypto market which had achieved a record 0.8 trillion USD, during its peak in 2017, has now dropped by 85% and currently stands at 119 billion USD.

Before the bullish phase in December 2017, when the cryptocurrency market achieved an all-time high valuation Ethereum co-creator Vitalik Buterin had suggested that the valuation of the market is not sustainable and was bound to undergo through massive correction. According to him, the major reason for this was due to the lack of progress made by both base blockchain protocols and decentralized applications (dApps). He, at that time, had said,

So total cryptocoin market cap just hit $0.5T today. But have we earned it? How many unbanked people have we banked? How many dapps have we created that have substantial usage? Low added value per user for using a blockchain is fine, but then you have to make up for it in volume… The answer to all of these questions is definitely not zero, and in some cases it’s quite significant. But not enough to say it’s $0.5T levels of significant. Not enough.

As had been predicted by him, the crypto market is now going through what seems to be the longest correction in its history.

Analysts have also been predicting that 2019, which has not seen the best beginning with regards to the crypto market, and may even turn out to be a boring year for investors with a low level of volatility and a lack of breakouts above key support levels for major crypto assets. Such is the scenario now that if the valuation of the market remains in the 100 USD to 400 USD billion range in market cap by the end of February, it will officially be the worst and the longest bear market in the history of the asset class.