Let’s face it—if you’ve been in crypto for even a minute, you’ve probably heard the term bull run thrown around like confetti at a party. But what does it really mean? A bull run is a period when prices of cryptocurrencies go up consistently over a stretch of time. It’s when the green candles line up, investors cheer, and Twitter goes bananas with rocket emojis.
The Timeline of the Last Crypto Bull Run
The last major crypto bull run is widely recognized to have begun in late 2020, around October. At that time, Bitcoin was trading near $10,000, but soon after, it started a remarkable ascent that captured the attention of investors worldwide. This phase marked a significant shift as Bitcoin not only gained momentum but also attracted a flood of institutional interest, setting the stage for what would become one of the most intense bull markets in crypto history. The excitement was palpable as prices climbed steadily, fueled by growing adoption and an influx of fresh capital.
This incredible upward trend continued throughout 2021, culminating in a dramatic peak during November. Bitcoin reached its all-time high of nearly $69,000, a milestone that many thought was unattainable just a year before. At the same time, Ethereum surged to record highs, hitting around $4,800, while numerous altcoins such as Solana, Cardano, and Avalanche experienced explosive growth. The market was dominated by fervent enthusiasm, with retail and institutional investors alike riding the wave. It was a period defined by rapid innovation, skyrocketing valuations, and widespread media coverage that propelled cryptocurrency into mainstream conversations.
However, the euphoric party couldn’t last forever. By early 2022, signs of a cooling market became apparent as prices started to gradually decline. The initial corrections evolved into more sustained sell-offs as broader economic uncertainties and tightening financial conditions weighed heavily on the market. Sentiment shifted, and what had once been a bull run began to lose steam. By the time April and May 2022 rolled around, most analysts agreed that the bull market had ended. The crypto winter had arrived, bringing with it a prolonged period of bearishness and cautious investor behavior.
This timeline illustrates the classic cycle of rapid growth followed by correction that is common in financial markets but particularly intense in crypto due to its volatility. The last bull run, lasting roughly a year and a half, was characterized by massive gains but also by underlying vulnerabilities that eventually led to its decline. Understanding these phases provides valuable insight into how the market reacts to external forces and internal dynamics, highlighting the importance of timing, risk management, and market psychology in navigating the world of cryptocurrencies.
Duration at a Glance
| Phase | Approximate Timeframe | Key Highlights | Market Sentiment | Notable Events |
| Start | October 2020 | Bitcoin crosses $10,000; institutional investors enter | Growing optimism; renewed interest | PayPal announces crypto support; DeFi projects gain traction |
| Peak | November 2021 | Bitcoin hits nearly $69,000; Ethereum reaches ~$4,800 | Extreme euphoria; market frenzy | NFT boom peaks; altcoins like Solana and Avalanche surge |
| Decline Begins | January 2022 | Increasing volatility; fears of rising interest rates | Cautious; profit-taking begins | US inflation concerns rise; regulatory talks intensify |
| Bear Market Confirmed | April–May 2022 | Major sell-offs across crypto; collapse of Terra Luna | Pessimism and fear dominate | Luna collapse triggers wider market crash; liquidity crunch |
What Sparked This Bull Run Anyway?
- Pandemic Money Printing:
When COVID-19 struck, central banks worldwide unleashed massive stimulus by printing money to support struggling economies. This flood of liquidity found its way into many markets, including cryptocurrencies. With traditional investments offering low returns, a significant portion of this easy money flowed into Bitcoin and other digital assets, fueling their rapid price increases. - Institutional Adoption Boom:
Early 2021 was a game-changer for crypto as major corporations started making headline-grabbing Bitcoin purchases. Tesla’s $1.5 billion Bitcoin investment caught the world’s attention, while MicroStrategy continued buying large amounts of BTC, signaling strong institutional confidence. This wave of adoption gave crypto newfound credibility and attracted even more serious investors, shifting the market from niche to mainstream. - NFT Mania and the Rise of DeFi:
The emergence of NFTs (Non-Fungible Tokens) took digital ownership to a whole new level, with digital artworks selling for eye-popping millions. Meanwhile, Decentralized Finance (DeFi) protocols exploded in popularity, particularly on the Ethereum blockchain. DeFi offered innovative financial services without intermediaries, drawing a massive influx of users eager to explore these new opportunities, which helped drive demand for crypto assets. - Social Media and Retail FOMO:
Platforms like TikTok, Twitter, and Reddit became hotbeds for crypto hype, spreading news and memes at lightning speed. Retail investors, fueled by the fear of missing out (FOMO), rushed into the market as if it were a huge Black Friday sale. Online communities, especially subreddits like r/WallStreetBets, amplified enthusiasm, encouraging newcomers to buy and hold, which pushed prices even higher. - Technological Advances and Ecosystem Growth:
Behind the scenes, continuous improvements in blockchain technology, scalability solutions, and the launch of new protocols added momentum. Layer 2 solutions, cross-chain interoperability, and more user-friendly wallets helped lower entry barriers and enhance usability, making crypto more accessible to the average person. - Global Economic Uncertainty:
Amid rising inflation fears, geopolitical tensions, and concerns about fiat currency stability, many investors sought alternative assets as hedges. Bitcoin, often called “digital gold,” was perceived as a potential safe haven, attracting capital looking to protect wealth from traditional market volatility. - Media Coverage and Celebrity Endorsements:
Mainstream media began extensively covering cryptocurrency stories, bringing them into everyday conversations. Celebrity endorsements and influencer involvement further boosted interest and legitimacy, encouraging broader participation beyond the tech-savvy crowd.
Milestones During the Bull Run
One of the most talked-about events during the last crypto bull run was the buzz around a Bitcoin ETF, or Exchange-Traded Fund. For years, investors had been eagerly awaiting the approval of a Bitcoin ETF in the United States, hoping it would open the doors for easier access to Bitcoin through traditional investment channels. This anticipation reached a fever pitch when the first futures-based Bitcoin ETF officially launched in October 2021. The news sent shockwaves through the market, driving prices higher as it signaled growing acceptance of cryptocurrency by mainstream financial institutions. This milestone was more than just a product launch—it was a statement that Bitcoin was becoming deeply embedded in the conventional financial ecosystem.
Another historic moment came in September 2021, when El Salvador made headlines by becoming the first country to adopt Bitcoin as legal tender. This bold move sparked both excitement and skepticism worldwide. El Salvador didn’t just stop at legalizing Bitcoin; it actively bought Bitcoin during price dips, showing a strong belief in the long-term value of the cryptocurrency. This act placed El Salvador at the center of global discussions on digital currency adoption, pushing the idea that Bitcoin could serve as a national currency rather than just a speculative asset. It was a groundbreaking experiment that captured imaginations and stirred debates about the future of money.
April 2021 marked another significant milestone when Coinbase, one of the largest cryptocurrency exchanges, went public on NASDAQ through a direct listing. Coinbase’s IPO was widely regarded as a defining moment for the crypto industry, symbolizing its arrival into the mainstream financial world. The listing provided a window for traditional investors to get exposure to the crypto market without directly buying coins, further legitimizing the sector. It also highlighted the growing infrastructure supporting digital assets, with Coinbase acting as a bridge between the old and new financial systems. The event brought immense media attention and increased public interest in cryptocurrency.
These milestones—Bitcoin ETF approval, El Salvador’s Bitcoin adoption, and Coinbase’s IPO—were key highlights that shaped the narrative of the bull run. They demonstrated how crypto was evolving beyond niche communities into a force that mainstream investors, governments, and businesses couldn’t ignore. Each event contributed to the excitement, trust, and expansion of the market, helping to push prices higher and broaden the global crypto conversation. Together, they marked a transformational period that reshaped how the world viewed digital currencies.
How Did Altcoins Perform?
| Altcoin | Starting Price (Early 2021) | Peak Price (Late 2021) | Percentage Increase | Key Factors Driving Growth |
| Ethereum (ETH) | ~$730 | ~$4,800 | Over 550% | Surge in DeFi and NFT activity on the Ethereum network; upgrades and network improvements fueled demand |
| Solana (SOL) | Under $2 | Nearly $260 | Over 12,900% | High throughput and low fees attracted major DeFi projects and NFT platforms, fueling explosive growth |
| Avalanche (AVAX) | Around $3 | Around $145 | Over 4,700% | Rapid adoption in DeFi and strong ecosystem development helped AVAX rally alongside other Layer 1 blockchains |
| Dogecoin (DOGE) | Less than $0.01 | Over $0.70 | Over 7,000% | Celebrity endorsements, especially Elon Musk’s tweets, and retail investor enthusiasm powered the meme coin surge |
| Shiba Inu (SHIB) | Negligible | Around $0.00008 | Millions of % (from fractions of a cent) | Strong community support and hype as a “Dogecoin killer” meme coin, boosted by social media frenzy |
Real World vs Hype: The Emotional Cycle of the Bull Run
- Accumulation Stage
At the very start of the bull run, investor emotion is mostly skepticism. People are cautious, unsure if the market will really take off this time. Prices tend to rise slowly, almost quietly, as smart money begins to accumulate assets. This phase is like the calm before the storm — steady but unexciting growth with low media attention. - Media Attention Stage
As prices begin to rise more noticeably, excitement builds among investors. Retail investors start to catch on, driven by fear of missing out (FOMO). This phase is when social media buzz increases and headlines about crypto gains become common. The market behavior reflects growing enthusiasm, with more people jumping in, hoping to ride the wave. - Mania Stage
During mania, investor emotions hit a peak of euphoria. Prices skyrocket in parabolic moves, and many believe, “This time it’s different.” Everyone wants in, convinced the market will keep going up forever. This stage is marked by irrational exuberance, with speculative frenzy and widespread optimism. It’s the height of hype where valuations often detach from reality. - Correction Stage
After the peak, prices start to drop slightly, but many investors deny that the bull run is over. The sentiment shifts to denial with phrases like “Buy the dip!” becoming common. Market behavior shows volatility as investors try to hold on, hoping for a quick rebound. This phase can be misleading, causing some to believe the worst is behind them, even as downward pressure mounts. - Crash Stage
Eventually, panic sets in. Investors begin to sell off en masse, triggering huge price declines. Market behavior turns grim, and social media buzz dies down as silence and fear dominate. The crash is the harsh reality check after all the hype, wiping out gains and often leaving investors emotionally and financially drained. It marks the start of the bear market and crypto winter.
Narratives That Fueled the Fire
During the last crypto bull run, one of the strongest stories driving interest was Bitcoin’s image as “digital gold.” As inflation fears gripped the global economy, investors looked for safe havens to protect their wealth. Bitcoin, with its fixed supply and decentralized nature, was pitched as a better alternative to traditional gold. This narrative resonated deeply with both retail and institutional investors, who saw Bitcoin as a modern store of value in uncertain times.
At the same time, the excitement around Web3 and the metaverse pushed the market even higher. Suddenly, blockchain wasn’t just about money — it was about creating entire virtual worlds and new digital economies. Platforms like Decentraland and The Sandbox captured imaginations, with people speculating on virtual real estate and digital assets. This hype around immersive online experiences drew massive attention, especially from younger investors eager to be part of the next big digital revolution.
Another powerful narrative was the rise of play-to-earn games, which combined gaming with cryptocurrency rewards. Axie Infinity became a global sensation, especially in countries like the Philippines, where players could actually earn a living by playing the game. This concept of turning gaming time into real income created a fresh wave of enthusiasm, attracting gamers and crypto enthusiasts alike. However, this hype was short-lived as the model faced sustainability challenges, causing interest to eventually cool down.
Together, these narratives helped create a powerful emotional mix that propelled the bull run forward. They tapped into hopes for financial freedom, technological innovation, and new ways of interacting with the digital world. While some of these stories faded as reality set in, they played a key role in shaping the frenzy and excitement that defined the crypto market during this explosive period.