The crypto market is en route to experiencing the longest bear market in its 10-year history.
As Ran Neuner, the host of CNBC’s Crypto Trader said, if the latest bear market lasts for another month, it will surpass the 420-day correction the crypto market experienced from 2014 to 2015.
“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,” said Neuner.
In 2017, the cryptocurrency sector experienced its greatest ever bull market. The Bitcoin price surged from less than $1,000 to $20,000 at its peak while other major crypto assets in the likes of Ethereum and Ripple recorded 200-fold gains within a 12-month period.
Prior to December 2017, when the cryptocurrency market achieved an all-time high valuation at over $800 billion, Ethereum co-creator Vitalik Buterin suggested that the valuation of the market is not sustainable due to the lack of progress made by both base blockchain protocols and decentralized applications (dApps).