As you can see from the chart, as of May 2, the current cycle wasn’t out of line with past patterns. It still isn’t. ETH at $4,000 puts returns for ETH at around 340% since its mid-March 2020 bottom. That’s still within the pattern for an alt-season bull market, set in 2017. But at $4,000 ETH and $55,000 BTC, the gap between ether and bitcoin puts 2021 crypto markets at the edge of any altcoin season precedent. (To get insights like this in your inbox every Monday, sign up for CoinDesk Indexes’ weekly newsletter, “The Hard Fork”.)
