The hyperbolic reaction of social media to the widespread correction in the crypto market is one of the aspects I certainly didn't miss about being cut off. On twitter, the phrase "It's over" or something along those lines has been trending as a result of the state of the market.
For what it is worth, this phrase has been largely bandied about by meme coin punters looking to make a quick buck, so I take it might also be whimsical musings of degens. At the same time, I can't help but feel some level of disillusionment because of the tweets.
First of all, the bull market isn't over because it hasn't even begun. All we saw were certain assets that rallied up to the previous market's position.
There's still obviously a lot to come from the crypto market and I'm surprised that in big 2024, I still have to remind people of this. Bitcoin still clearly has some way to go before we can say the bull market has ended.
In fact, if historical data serves me right, in a couple of years, we will be treating today's trading range with the most hyperbolical bearishness known to man. We'll see Bitcoin at $60k and the fear index through the roof.
Also, even if this is the end of the bull cycle, there's still a lot more to crypto than price. This obviously applies to assets that are associated with genuine projects set out to solve real-world problems.
Price is irrelevant when the fundamentals and the technology are geared towards success. Utility, community and the overall quality of a project will shine through, regardless of the price.
Projects with the right fundamentals will have longevity and while the price might not entirely be "right" in the grand scheme of things, the actual value of the project will always be intact. I have always maintained that a project that prides itself on the intrinsic value it brings to users is always going to be more valuable than these flash-in-the-pan tokens.
