The world of cryptocurrency has seen dramatic highs and lows since Bitcoin’s inception in 2009. Today, as Bitcoin approaches the elusive $100,000 mark in 2025, investors and enthusiasts alike are revisiting the history of crypto bull runs to understand current market dynamics. Fueled by spot Bitcoin ETF approvals and shifting regulatory sentiment, the latest rally is drawing comparisons to past cycles—but with unique catalysts setting it apart.
This article explores the evolution of crypto bull markets, analyzes key historical trends, and evaluates whether the current momentum has room to grow. Whether you're a seasoned trader or new to digital assets, understanding past cycles can offer valuable context for navigating the future.
Major Crypto Bull Runs: A Historical Overview
Since its genesis block in 2009, Bitcoin has undergone five major bull cycles. Each phase was shaped by technological innovation, macroeconomic conditions, and growing adoption. Data from blockchain analytics firm Glassnode highlights the trajectory of these rallies, revealing patterns that continue to inform investor sentiment.
1. Genesis to Mid-2011: The First Spark
The earliest days of Bitcoin were defined by curiosity and experimentation. In May 2010, programmer Laszlo Hanyecz famously spent 10,000 BTC on two pizzas—today worth hundreds of millions—marking the first known retail transaction using cryptocurrency.
During this period, Bitcoin could be mined using standard CPU hardware, and its mysterious creator, Satoshi Nakamoto, actively participated in online forums. As awareness grew around decentralization and peer-to-peer transactions, prices surged from zero to over $30 by June 2011.
This initial rally laid the foundation for future adoption, proving that a digital currency could function outside traditional financial systems.
👉 Discover how early innovations shaped today’s crypto landscape.
2. November 2011 – December 2013: Mainstream Attention & Mt. Gox Collapse
Bitcoin’s second bull run began after a sharp correction in mid-2011. Prices rebounded from around $2** to peak at **$1,240 by the end of 2013—an increase of over 61,900%.
Key drivers included:
- Growing public awareness and media coverage.
- Use of Bitcoin on platforms like Silk Road, which accounted for up to 20% of network activity at its peak (per Chainalysis).
- The first halving event in November 2012, reinforcing Bitcoin’s scarcity model.
This cycle also saw the rise and fall of Mt. Gox, once the largest crypto exchange, which collapsed in 2014 due to security failures. Meanwhile, Coinbase emerged as a trusted alternative, signaling the industry’s maturation.
3. January 2015 – December 2017: The ICO Boom & Global Expansion
The third bull market propelled crypto into global consciousness. Bitcoin rose from $166** to nearly **$19,800, driven by widespread speculation and the explosive growth of altcoins.
Ethereum launched in 2015 and introduced smart contracts, enabling decentralized applications (dApps). This innovation sparked the Initial Coin Offering (ICO) boom, where startups raised billions through token sales. Projects like Filecoin, Chainlink, and EOS attracted massive investments—though many turned out to be scams.
Retail investors flocked to exchanges, and terms like “HODL” and “to the moon” entered mainstream crypto culture. By late 2017, euphoria reached its peak before a prolonged bear market followed.
4. December 2018 – November 2021: Institutional Adoption & DeFi Summer
After a brutal 2018 correction, Bitcoin bottomed near $3,124 before beginning a historic ascent fueled by institutional interest.
Key developments:
- DeFi Summer (2020): Platforms like Uniswap and MakerDAO popularized yield farming and decentralized lending.
- Corporate treasuries began buying Bitcoin—MicroStrategy led the charge under Michael Saylor, followed by Tesla under Elon Musk.
- The third halving occurred during the pandemic, tightening supply amid rising demand.
By November 2021, Bitcoin hit $69,000, supported by easy monetary policies and growing legitimacy in finance.
5. November 2022 – Present: ETFs and Regulatory Shifts
Following the crypto winter of 2022—triggered by the collapses of FTX and Terra—the market hit rock bottom with Bitcoin dipping to $15,500.
Recovery began in late 2023 with renewed optimism around spot Bitcoin ETF approvals. On January 10, 2025, the U.S. SEC approved multiple spot Bitcoin ETFs, marking a watershed moment. BlackRock’s ETF became the fastest-growing in history, reaching $1 billion in assets within days.
Political shifts also played a role. A pro-crypto administration raised hopes for clearer regulations and even proposals like Senator Cynthia Lummis’s strategic Bitcoin reserve, which could further boost long-term demand.
As of late 2025, Bitcoin trades near $99,661, up over 542% from its cycle low.
👉 See how ETF approvals are transforming crypto accessibility.
Evaluating the Current Bull Run: Key Metrics
While past performance doesn’t guarantee future results, on-chain metrics help assess market health and potential duration of the current rally.
Market Value to Realized Value (MVRV) Ratio
The MVRV ratio compares Bitcoin’s current market cap to its realized cap (based on when coins last moved). A value above 3.5 typically signals overvaluation and potential cycle tops.
As of late 2025, Bitcoin’s MVRV stands at 2.5, suggesting room for further upside compared to previous peaks (3.49 in 2021, 9.5 in 2017).
MVRV Z-Score
This metric adjusts for volatility and measures deviation from fair value. High readings indicate overheated markets.
Bitcoin’s current Z-Score is 2.99, below prior cycle highs (8.8 in 2013, 9.5 in 2017), indicating the rally may still have momentum.
ColinTalksCrypto Bitcoin Bull Run Index (CBBI)
The CBBI aggregates nine real-time indicators to gauge market sentiment. With a current score of 79/100, it suggests strong bullish momentum but not yet at euphoric levels seen in past tops (97–100).
Frequently Asked Questions
When was the last crypto bull run?
The most recent bull run began in November 2022 and gained momentum through 2024–2025, driven by ETF approvals and regulatory optimism.
When does the crypto bull run start?
Bull markets often begin after a halving event and follow prolonged bear markets. While timing varies, increased institutional activity and macro tailweds typically signal the start.
When is the next crypto bull run?
Given that we’re already in an active bull phase as of 2025, the focus should shift to identifying when it might peak—potentially later in 2025 or early 2026 based on current metrics.
Why is the crypto bull run every 4 years?
Bitcoin’s four-year cycle loosely aligns with its halving events, which reduce new supply issuance every four years. Scarcity combined with growing demand tends to drive price appreciation over time.
Can the crypto bull run continue beyond $100K?
Yes—while psychological resistance exists at $100,000, structural demand from ETFs, corporate adoption, and potential government-backed reserves could push prices higher if confidence holds.
What ends a crypto bull run?
Bull markets typically end due to macroeconomic shocks (e.g., rate hikes), regulatory crackdowns, exchange failures, or extreme overvaluation confirmed by on-chain metrics.
👉 Stay ahead with real-time insights on market cycles.
Final Thoughts
Crypto bull runs are more than just price surges—they reflect evolving trust in decentralized technology. From pizza purchases to trillion-dollar valuations, each cycle builds upon the last.
While no one can predict exact tops or bottoms, understanding historical patterns and monitoring key indicators can help investors make informed decisions. As adoption accelerates and regulatory clarity improves, the current rally may prove one of the most sustainable yet.
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