Was That The Top? Ruminations on the Alleged DeFi Bubble
SEP 08, 2020 • 9 Min Read
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In December 2017, I wrote my first blog piece titled “Are we in a cryptocurrency bubble? A comparison with the Dotcom bubble” discussing why I thought crypto was in a bubble and what the potential consequences would be.
Three years and one bear market later, we’re beginning to hear cries of a DeFi bubble, with many wondering whether last Thursday really was the top. In this daily, I’ll analyse some of the similarities with 2017, and explain why I don’t think this past Thursday was anywhere near the top.
Speculation: Crypto’s Killer App
Speculation is arguably crypto’s first killer app. The ICO boom was only the most extreme example of this, but crypto’s history is dotted with boom and bust cycles, dating back to Namecoin which in late 2013 underwent its second bubble, rising from $0.6 to $15 in less than a month. Later on in 2014, projects like Mastercoin, Maidsafe and others underwent similar dynamics.
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