Many people tend to measure cryptocurrencies by price, but to truly assess the overall performance of the market, one should look at whether the total market capitalization has increased over time. After experiencing the last bull market, it can be observed that Bitcoin and the entire cryptocurrency market have not actually outperformed other major global financial assets.
In 2021, the price of Bitcoin approached seventy thousand US dollars, while the current price has not shown any significant change compared to before. Focusing solely on price can create illusions, while the market capitalization over time is the key indicator for measuring the scale and true performance of the cryptocurrency market.
The market has not recovered since the collapse of Luna or FTX four years ago; in fact, it has shrunk significantly. From this, we draw a conclusion: the market has not experienced a bull market.
Compared to assets like gold, US stocks, silver, and A-shares, cryptocurrencies have not experienced a bull market. People often ask if the bull market has already passed? This statement itself is not valid, much like searching for grasslands in Antarctica.
