The Quick Stats
| Metric | 2017 Bull Run | 2021 Bull Run |
|---|---|---|
| Starting price (Jan 1) | $998 | $28,990 |
| Peak price | $19,783 | $68,789 |
| Bull run gain | +1,882% | +137% |
| Duration (bottom to peak) | ~12 months | ~10 months (Apr peak), 23 months (Nov peak) |
| Subsequent crash | -84% (to $3,200) | -77% (to $15,500) |
| Primary driver | ICO/retail mania | Institutional + DeFi + NFT |
What Drove 2017
The 2017 bull run was almost entirely retail-driven. The ICO (Initial Coin Offering) craze created a self-reinforcing cycle:
- New ICO launches required ETH (mostly) and sometimes BTC
- ICO investors bought ETH/BTC, pushing prices up
- Rising prices attracted more retail investors
- More retail investors created more demand for ICO tokens
- Media coverage turned mainstream
Bitcoin's 2017 run was also notable for the SegWit/SegWit2x debate that nearly split the community in two. The resolution of that controversy (SegWit activation in August 2017) is sometimes credited with releasing pent-up demand.
What Drove 2021
The 2021 bull market had fundamentally different foundations:
- Institutional adoption: MicroStrategy, Tesla, Square, and Coinbase bought billions in BTC
- DeFi explosion: Ethereum-based protocols locked hundreds of billions in value
- NFT mania: Digital art and collectibles drove retail into crypto broadly
- Macro environment: Zero interest rates and money printing made fixed-supply assets attractive
- El Salvador: Nation-state adoption of Bitcoin as legal tender
The Double Peak of 2021
Unlike 2017's single parabolic peak, 2021 had two separate peaks:
- April 2021: $64,863 - Coinbase IPO Day. Bitcoin and crypto's "mainstream finance" moment.
- November 2021: $68,789 - Bitcoin futures ETF launch + institutional accumulation.
Between these two peaks, Bitcoin crashed to $29,000 in July 2021 (the China mining ban) before recovering. This made 2021 more volatile but also provided multiple buying opportunities that 2017 didn't offer in the same way.
Depth of the Crashes
Both bull markets were followed by severe crashes:
- 2018 crash: -84%, from $19,783 to $3,200. Lasted approximately 12 months.
- 2022 crash: -77%, from $68,789 to $15,500. Lasted approximately 12 months.
The 2022 crash felt worse in some ways because of specific industry events: LUNA's $40 billion collapse, Celsius and Voyager bankruptcies, and FTX's $32 billion fraud. The 2018 crash was a cleaner repricing without fraudulent exchange failures.
Recovery Comparison
After the 2018 crash, Bitcoin took approximately 3 years to reach new all-time highs (December 2020).
After the 2022 crash, Bitcoin reached new all-time highs in March 2024 - approximately 16 months after the FTX low. A notably faster recovery.
What This Tells Us
Each Bitcoin cycle has been larger in absolute dollar terms but smaller in percentage terms. The 2017 run was +1,882%. The 2021 run (from January) was +137%. As Bitcoin's market cap grows, the percentage moves necessarily decrease.
The drivers have also matured: from retail speculation in 2017, to institutional adoption and genuine DeFi/NFT utility in 2021. This suggests the market is maturing - which means lower percentage gains but potentially more stable long-term fundamentals.
Calculate what you would have made investing at any point in either bull run using our Bitcoin ROI Calculator.