In a new analysis, Outumuro admits that it’s hard to argue that we’re not currently in a bear market.
While the total crypto market cap is down 57% from its all-time high of around $3.07 trillion, which it reached last November, Outumuro noted that fundamentals are has fallen less than in previous bear markets.
Along with the price action, on-chain activity for most assets has also plummeted, which has left many investors concerned. However, this is a recurring pattern throughout previous bear markets.
Bitcoin hit an average daily transaction fee of over $500,000 in May 2022, much higher than $130,000 in May 2018. Ethereum and other cryptocurrencies also reflect a similar pattern when it comes to on-chain activity decreasing markedly.
According to the researcher, both Bitcoin (BTC) and Ethereum (ETH) are also showing consistent progress in development activity despite the recent bearish action.
“Commits to the Bitcoin network have grown over 50% in the past two years as developer efforts consistently improve. This has been one of the few leading indicators for growth in crypto since being an open-source ecosystem it relies on developers globally contributing for sustained improvement of these networks”
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