U.Today – X is up 356% since its cycle low, according to cryptocurrency analyst Lark Davis, who goes by the pseudonym “TheCryptoLark.”
In a tweet, Cryptolark noted that the current price of Bitcoin is remarkably similar to what we have seen in the last two market cycles. BTC is up 356% since the lows of this cycle, closely matching the 351% and 361% gains seen at the same points in the previous two cycles. “It looks like we are well on track to hit the previous two cycles,” the crypto analyst added.
Glassnode’s latest analysis echoes the same sentiment. In a tweet, Glassnode noted that Bitcoin’s market cap has increased by over $1.13 trillion, or +370%, from its current all-time high set in March 2024 to its cycle low in November 2022. The digital asset’s total market cap is now around $2.56 trillion, with Bitcoin accounting for more than half of that total at $1.33 trillion.
Bitcoin has remained the largest digital asset for 16 years, accounting for over 52.7% of the total industry value.
History repeating itself?
In a recent analysis, Glassnode evaluates the price performance of bitcoin over the 365 days following the four previous halvings, using 2016 and 2020 as reference points.
Following the halving, the 2016 and 2020 cycles enjoyed several months of silent performance before posting spectacular peak returns of +350% and +650%, respectively. The 2024 Bitcoin market 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 uptrend has seen relatively minor declines compared to previous bull markets. Prices have fallen 20.3% from their local high, marking the most severe correction since November 2022. Previous cycles have witnessed much deeper corrections, ranging from 25% to 35% in 2016-2017 and 50% to 63% in 2020-2021.
At the time of writing, BTC price is down 2.32% in the last 24 hours to $57,280.
