Understanding Crypto Bull Runs: Insights from 2017, 2020, and 2024

Understanding Crypto Bull Runs: Insights from 2017, 2020, and 2024

Understanding Crypto Bull Runs: Insights from 2017, 2020, and 2024

Cryptocurrency markets are known for their volatility, and one of the most exciting aspects of this market is the occurrence of bull runs—periods of significant price increases. Observing patterns from previous bull runs can provide valuable insights into future market movements. In this article, we will explore how crypto bull runs started in 2017, 2020, and 2024, with a particular focus on Bitcoin dominance (BTC.D) and its influence on the broader market.

Bitcoin Dominance and Market Dynamics

Bitcoin dominance (BTC.D) represents the percentage of the total cryptocurrency market capitalization that is comprised of Bitcoin. Historically, fluctuations in BTC.D have been closely linked to the start and end of bull runs in the cryptocurrency market.

Key Observations:

  1. Bitcoin Dominance Rejections: When BTC.D reaches certain resistance levels and gets rejected, it often signals the beginning of a bull run in altcoins. This pattern has been observed before significant bull runs in 2017, 2020, and 2024.
  2. Market Sentiment Shift: A decline in BTC.D usually indicates that investors are moving their funds from Bitcoin to altcoins, suggesting increased confidence in the broader crypto market and often heralding a bull run.
Understanding Crypto Bull Runs: Insights from 2017, 2020, and 2024

Is the Next Bull Run Here? Bitcoin Dominance Patterns Hint at Major Crypto Gains in 2024

The 2017 Bull Run

The 2017 bull run is one of the most notable periods in cryptocurrency history, characterized by unprecedented price increases across the market.

Key Factors:

  • Bitcoin Dominance Decline: In early 2017, BTC.D was over 85%. By December, it had fallen to around 37%, indicating a massive influx of investment into altcoins.
  • Regulatory Clarity: Increased regulatory clarity in countries like Japan and South Korea boosted investor confidence.
  • Mainstream Adoption: Major financial institutions and companies began to show interest in blockchain technology, driving mainstream media coverage and public interest.

Result: Bitcoin's price surged from around $1,000 in January to nearly $20,000 by December, with altcoins experiencing even larger percentage gains.

The 2020 Bull Run

The 2020 bull run was driven by a combination of macroeconomic factors and internal market dynamics.

Key Factors:

  • Institutional Investment: Companies like MicroStrategy, Square, and Tesla made significant investments in Bitcoin, legitimizing it as a store of value.
  • DeFi Boom: The rise of decentralized finance (DeFi) projects attracted large amounts of capital to Ethereum and other smart contract platforms.
  • Pandemic Impact: The COVID-19 pandemic led to unprecedented monetary stimulus measures, causing investors to seek hedges against potential inflation.

Bitcoin Dominance: BTC.D fell from around 70% in September 2020 to 60% by the end of the year, signaling the start of the bull run.

Result: Bitcoin's price increased from about $7,000 in January to over $29,000 by December, with many altcoins posting substantial gains.

The 2024 Bull Run

As of mid-2024, we are observing patterns similar to previous bull runs.

Key Factors:

  • Regulatory Developments: Positive regulatory news, such as the approval of Bitcoin ETFs, has increased investor confidence.
  • Technological Advancements: Continued advancements in blockchain technology, including interoperability and scalability solutions, are driving adoption.
  • Market Maturity: The cryptocurrency market has matured, with more robust infrastructure and institutional participation.

Bitcoin Dominance: Recent charts show BTC.D hitting resistance levels and being rejected, which historically signals an impending bull run in altcoins.

Current Trends: If the patterns from 2017 and 2020 hold, we can expect significant price increases across the cryptocurrency market in the coming months.


Understanding the patterns in Bitcoin dominance and their correlation with market cycles can provide valuable insights for investors. The bull runs of 2017, 2020, and potentially 2024 share common triggers, such as declines in BTC.D, regulatory clarity, and technological advancements. As the market continues to evolve, staying informed about these trends will be crucial for capitalizing on future bull runs.

For those interested in deepening their understanding of these patterns and staying updated with the latest market trends, tools like TradingView provide comprehensive charts and analysis to aid in making informed investment decisions.