Bitcoin (BTC) recovered more swiftly from its bear cycles than Amazon did during the boom and bust of the dot com era, data from crypto analytics firm Messari reveals.
Bitcoin’s 2019 breakout ‘extremely bullish’ by comparison
Fellow industry analytics firm Ceteris Paribus shared Messari’s findings in a tweet on July 17:
“The latest ¢BTC cycle mirrors $AMZN during the dot-com bubble, but the recovery has been much more swift. Even with the recent sell off, bitcoin is 54% down from its high, vs. the 85% Amazon was trading at over a similar timeframe.”
In a further tweet, Ceteris Paribus argues that while the two assets are markedly different, they have both allegedly “traded on pure speculation” at different points in their histories.
A comparison of the two reveals that Bitcoin’s breakout following crypto winter has been “extremely bullish” as compared with Amazon’s own tumultuous past, with Ceteris Paribus noting that the coin is “much further ahead than most people imagined in Dec. 2018.”