Crypto is the asset class equivalent of riding a rocket ship that sometimes explodes mid-flight. Since 2017, we’ve seen insane rallies, brutal crashes, and enough innovation (and scams) to keep us entertained. The only constant? Volatility. Whether it’s a new bull run fueled by hopium or a catastrophic collapse wiping out billions, there’s never a dull moment. And if you think you’ve seen it all, buckle up—because crypto never fails to surprise. Let’s dive into the key moments in this wild ride.
2017: The OG Bull Run – Bitcoin Mania and ICO Boom
Bitcoin went from $1,000 in January to nearly $20,000 in December, making overnight millionaires (and plenty of regrets for those who sold at $5K). Everyone and their dog was launching an Initial Coin Offering (ICO), promising to disrupt something with blockchain. Ethereum ($ETH), the fuel for these ICOs, skyrocketed from ~$8 to $1,400. Then the SEC cracked down, and the party ended in early 2018. Many projects disappeared, and investors were left holding a bag of worthless tokens.
ICOs became a gold rush, with everything from "blockchain social networks" to "decentralized cloud computing" raising millions. Some projects, like Binance ($BNB), thrived. Others, well, let’s just say they vanished faster than a rug-pulled meme coin.
2018-2019: The Crypto Winter – The First Big Crash and Slow Recovery
With regulations looming and speculative hype gone, Bitcoin plummeted to ~$3,000 by year-end, while Ethereum nosedived 94%. Most ICO projects turned out to be vaporware or rug pulls. If you survived this era, congrats—you have diamond hands. This period saw the rise of stablecoins like USDT and USDC as investors sought refuge. Meanwhile, institutional interest was nonexistent, and many called Bitcoin "dead" for the 500th time.
2019 saw a slow recovery, with Bitcoin bouncing back to ~$10K. Institutional players like Fidelity and Bakkt started dipping their toes in, and the term "crypto infrastructure" became a thing. But mainstream adoption? Still a dream.
2020-2021: DeFi Summer, NFTs, and the 69K BTC Peak
After a dull 2019, the COVID-19 money printer ($$$) ignited crypto. Bitcoin surged past $10K, then $20K, then $69K by November 2021. Meanwhile, DeFi (Decentralized Finance) exploded—yield farming, lending, and trading on Uniswap became the new meta. This period also saw the rise of Layer 2 solutions like Polygon ($MATIC) as Ethereum gas fees became unbearable.
Then, NFTs took over. Suddenly, pixelated JPEGs of monkeys (BAYC) were selling for millions. Ethereum hit $4,800, and Solana ($SOL) emerged as a major altcoin. Even meme coins like $DOGE and $SHIB had their moment in the sun, with Elon Musk fueling the flames. Celebrities, influencers, and even brands hopped on the NFT bandwagon. Some made fortunes, others got rugged.
Oh, and let’s not forget that institutions jumped in—Tesla bought Bitcoin, MicroStrategy doubled down, and even El Salvador made BTC legal tender. Wild times.
2022: The Great Crash – Terra, FTX, and Crypto’s Lehman Moment
Enter the bear market. The Fed started raising interest rates, and risk assets suffered. The Terra ($LUNA) and UST collapse wiped out $60B, triggering a domino effect that led to multiple bankruptcies. Then FTX blew up in spectacular fashion, taking billions of customer funds with it (SBF is now a cautionary tale). Bitcoin hit $15K, Ethereum fell below $1,000, and investors re-learned the age-old lesson: don’t trust centralized platforms too much.
Meanwhile, regulatory pressure increased. Governments worldwide took a closer look at stablecoins, crypto exchanges, and lending platforms. In short: 2022 was a rough time to be over-leveraged.
Also, NFT volume tanked, DeFi protocols struggled, and even Bitcoin maxis started questioning everything. It was a brutal year.
2023-2024: The Recovery and New Narratives
Bitcoin crawled back, fueled by the ETF hype (finally approved in 2024!). Institutional money returned, Ethereum maintained dominance in DeFi/NFTs, and new blockchains like Avalanche and Base gained traction. Meanwhile, AI tokens, Real-World Assets (RWAs), and restaked Ethereum became the next big thing.
Memecoins? Oh, they’re back. $PEPE, $BONK, and other absurdities proved that degeneracy is forever. Bitcoin Ordinals introduced NFTs to the BTC network, causing a new wave of controversy and network congestion. Also, Layer 3s became a hot topic, promising even faster and cheaper transactions.
And, of course, Solana had a comeback, proving that sometimes, even "dead" blockchains can rise again.
What’s Next? 2025 and Beyond
- Bitcoin’s Halving Effect: Historically, BTC halvings spark bull runs. The next one is in 2024—will history repeat?
- Regulation Clarity: Will the U.S. finally give crypto clear rules, or just keep suing projects into oblivion?
- AI x Crypto: If AI + blockchain actually creates something useful, we might get a new hype cycle.
- Another Meme Boom? Probably. Humans love gambling.
- DePIN and On-Chain Compute: Projects leveraging blockchain for real-world applications could create new investment opportunities.
- Ethereum's Evolution: With staking and Layer 2s expanding, ETH could cement itself as the base layer for Web3.
- SocialFi & Tokenized Everything: Will every app soon have a token? Probably. Whether it’s useful is another question.
In summary: Crypto remains the wild west—high risk, high reward, and always entertaining. The space is filled with innovation, speculation, and the occasional implosion. Whether you’re in for the tech, the memes, or the moonshots, buckle up. The next cycle might just be crazier than the last.
Oh, and if history tells us anything—there’s always a crash, and then there’s another bull run. Just make sure you survive long enough to see it.
Note from Jeff: Just remember, crypto always comes in cycles, most people want to buy during the bull run, but it’s actually during the bear markets that you want to be buying. You always want to “feel” the opposite of the market. That being said, we should figure out what price targets to look for as we enter this bear market.