The crypto winter might be in place for another 250 days compared to previous cycles, Grayscale Investments said in a recent report.
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According to the document, the crypto community may see "another 5-6 months of downward or sideways price movement" before bitcoin reaches its new all-time high. The analysts noted:
"In each of the 2012 and 2016 cycles, it took just under three years to regain all-time high (ATH) – 1,082 and 1,059 days respectively. It took another year to push a new all-time high again after that."
Bitcoin is currently trading at $22,081 (down by over 50% since the beginning of the year). At the same time, the total cryptocurrency market capitalization plunged below the $1 trillion mark, but regained shortly after bitcoin succeeded to return above $22,000.
Grayscale pointed out it's taking longer for crypto market cycles to peak each time due to the "growing maturity of the crypto market that did not exist in previous cycles."
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