Bitcoin not in longest ever bear market - Difference between Web 1.0, 2.0, 3.0, Metaverse and Cryptocurrency Web 3.0.
No, Bitcoin is not in its ‘longest ever bear market’ — Here’s why

Are We in a Bear Market?

MN Trading founder Michaël van de Poppe recently stated that Bitcoin is in its “longest ever bear market” on X (formerly Twitter). He claimed that the price of BTC is down more than 50% from its peak in November ’21, making it a bear market of 490 days.

This statement has attracted much attention, but some crypto enthusiasts are not convinced. They suggest that Bitcoin is not in a bear market at all, or at least not its longest ever.

The difference between Web 1.0, 2.0 and 3.0 is an important factor to consider when investing in cryptocurrency. Web 1.0 was mainly about static websites, while Web 2.0 is focused on user interaction and collaboration. Web 3.0, also known as the Metaverse, is a decentralized platform that is powered by AI and blockchain technology.

So, are we in a bear market? Are we in Web 2.0 or Web 3.0? Can you invest in Web 3.0? These are all questions that need to be asked when considering the current state of the crypto market.

What Is the Current “Bear Market” in Crypto?

The length of the current “bear market” in crypto can vary depending on the interpretation of the term. According to Mati Greenspan, founder of Quantum Economics, “‘bull’ and ‘bear market’ are entirely subjective” and can refer to either past or future price movements.

Cointelegraph’s market editor Allen Scott believes that the current market situation can be seen as a “multi-year bear market” until a new all-time high is reached. This perspective suggests that Bitcoin has been in a bear market since its peak near $69,000 on November 10, 2021, lasting for 659 days.

However, this is not the longest “bear market” period in Bitcoin’s history. In fact, between November 2013 and January 2017, the price of Bitcoin stayed below its previous highs for over 37 months, or about 1,125 days. During this time, Bitcoin failed to reclaim the $1,000 mark, which it had hit in 2013.

Are We in Web 2.0 or Web 3.0?

In December 2017, Bitcoin hit the $20,000 mark for the first time, however, it was not able to maintain that level until December 2020, when it had been in a downward trend for 1,095 days. Does this mean Bitcoin was in a “bear market” during this period? Judging from the charts, it appears Bitcoin was on the way to reaching its all-time peak of $68,000.

Using a different definition of a bear market, Bitcoin may not be in one at all. Classic definitions suggest that a bear market occurs when the market index or asset drops by 20% or more from its recent high.

According to CoinGecko, Bitcoin’s most recent high was in mid-July 2023 at approximately $31,400. At current prices, Bitcoin is about 13% below that level. Additionally, the cryptocurrency has increased by 34% in the past year.

The term “Web 3.0” is used to describe the next generation of the Internet, which is expected to be more decentralized, secure, and intelligent. It is also referred to as the “Metaverse” or the “Semantic Web”. So, are we in Web 2.0 or Web 3.0? It’s hard to say, but it is clear that the world’s most popular cryptocurrency, Bitcoin, is on the rise.

Bitcoin Bull Market: What is Web 3.0?

Jan3 CEO Samson Mow recently told Cointelegraph that when looking at the long-term, Bitcoin has been in a continuous bull market since 2019. He believes the current market situation is “very bullish” due to factors such as high inflation, loss of purchasing power, spiraling debt and adoption by nation-states like El Salvador. Mow also has his own definition of a bear market.

Quantum Economics’ Greenspan shared Mow’s sentiment, adding that Bitcoin has never even been in a bear market. He argued that taking the longest time frame for both past occurrence and future expectations, Bitcoin has always been and will always be in a bull market.

The discussion about Bitcoin’s bull market raises questions about the current state of the web, and what Web 3.0 will look like. Web 1.0 and Web 2.0 are both outdated, and Web 3.0 is the latest iteration of the internet. Web 3.0 is a decentralized, distributed web that focuses on user privacy and security. It is an open-source platform that allows developers to build applications, and it is powered by blockchain technology. Web 3.0 also offers the potential for new types of investments and financial instruments.

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