U.Today – According to cryptocurrency analyst Lark Davis, with the username “TheCryptoLark” on X, it is up 356% from the low of this cycle.
In a tweet, Cryptolark noted that Bitcoin’s current price performance is remarkably similar to what was seen in the past two market cycles. BTC has surged 356% from the lows of this cycle, closely aligning with the 351% and 361% increases recorded at the same points in the previous two cycles. “It seems like we are on the right track with the previous two cycles,” the cryptocurrency analyst added.
Glassnode’s recent analysis echoes this sentiment. In a tweet, Glassnode noted that Bitcoin’s market cap has increased by over $1.13 trillion, or 370%, from the current ATH set in March 2024 from the cycle low in November 2022. The overall market cap of digital assets now hovers around $2.56 trillion, with Bitcoin accounting for over half of that figure at $1.33 trillion.
Bitcoin has also remained the largest digital asset for the past 16 years, accounting for over 52.7% of the industry’s total value.
Does history repeat itself?
In a recent analysis, Glassnode evaluates Bitcoin’s price performance in the 365 days following the four previous halving events, using 2016 and 2020 as relevant benchmarks.
Following the halving, the 2016 and 2020 cycles enjoyed several months of quiet performance before recording spectacular peak returns of +350% and +650%, respectively. The Bitcoin market in 2024 followed a similar trend in the weeks following the fourth halving in April 2024, with BTC prices fluctuating within a few percentage points since the event.
However, the 2024 bull run has seen comparatively smaller declines compared to previous bull markets. Prices have fallen by 20.3% from their local high, marking the most severe correction since November 2022. Previous cycles witnessed substantially deeper corrections, ranging from 25% to 35% in 2016-2017 and 50% to 63% in 2020-2021.
At the time of writing, BTC had fallen 2.32% over the past 24 hours to $57,280.
This article was originally published on U.Today
