The phrase “when was the last crypto bull run” encapsulates the curiosity and excitement that surrounds the volatile world of digital currencies. To answer this, we must analyze the latest market cycle, which began in early 2024 and, by all accounts, is still in full swing as of 2025.
A Brief History of Crypto Bull Runs
Cryptocurrency markets are defined by dramatic cycles of boom and bust. Since Bitcoin’s inception, there have been three major bull runs preceding the current one: 2013, 2017, and 2021. Each of these cycles was characterized by exponential price increases, followed by steep corrections, and each was closely tied to the Bitcoin halving event—a built-in mechanism that reduces the rate at which new bitcoins are created, tightening supply and sparking renewed demand.
The 2024 Bull Run: A New Era Begins
The last crypto bull run began in the first quarter of 2024, immediately following the Bitcoin halving in April of that year. This event, anticipated by market participants for months, acted as a catalyst for a new wave of investment. Bitcoin quickly broke through psychological resistance levels, reaching and surpassing $100,000—a milestone that sent shockwaves through the financial world
But this bull run is not just about Bitcoin. The entire crypto ecosystem, including altcoins like Ethereum, Solana, and XRP, has participated in the rally, with many assets achieving new all-time highs. The breadth and depth of this market surge have surpassed previous cycles, making this the most inclusive and far-reaching bull run to date.
What Sets the 2024-2025 Bull Run Apart?
- Institutional Involvement: For the first time, the crypto market has seen widespread participation from institutional investors. Data shows a dramatic increase in average Bitcoin and Tether deposits, indicating that large players are entering the market in force.
- Regulatory Progress: The election of a pro-crypto U.S. administration and the promise of regulatory reforms have created a more predictable environment, encouraging further investment and innovation.
- Technological Advancements: The explosion of decentralized finance (DeFi) protocols, NFT platforms, and scalable blockchain solutions has brought new utility and user bases to the market, driving adoption and price appreciation5.
- Global Economic Shifts: With inflation and currency devaluation affecting traditional markets, cryptocurrencies have become an attractive alternative for both institutional and retail investors seeking diversification and protection against macroeconomic risks.
How Long Will the Bull Run Last?
Analysts and market historians suggest that crypto bull runs typically last between one and two years, often peaking 12-18 months after a Bitcoin halving. The current cycle, which started in early 2024, is expected to reach its zenith in late 2025 or possibly 2026, depending on the interplay of regulatory developments, institutional adoption, and macroeconomic stability.
Historical Comparison of Bull Runs
| Year | Start | Peak | Duration | Drawdown After Peak | Notable Features |
|---|---|---|---|---|---|
| 2013 | Oct 2013 | Dec 2013 | ~3 mo | -85% | Early adopter phase |
| 2017 | Jul 2017 | Dec 2017 | ~6 mo | -84% | ICO craze, retail surge |
| 2021 | Jul 2020 | Nov 2021 | ~16 mo | -77% | Institutional entry |
| 2024-2025 | Jan 2024 | Ongoing | >12 mo | TBD | Institutional, regulatory |
Expert Outlook and Market Sentiment
Market experts are optimistic about the longevity and impact of the current bull run. Some, like Raoul Pal, predict the rally could extend into 2026, citing strong institutional momentum and favorable regulatory winds. Others caution that while the upward trend is robust, market corrections are inevitable and should be expected as part of the cycle.
The Last Crypto Bull Run Is Happening Now
To answer the central question, “when was the last crypto bull run”: The most recent crypto bull run began in early 2024, catalyzed by the April Bitcoin halving and amplified by unprecedented institutional participation, regulatory clarity, and technological innovation. As of 2025, the bull run is ongoing, with forecasts suggesting it could continue into late 2025 or even 2026. This cycle is not only rewriting the record books but also redefining the role of digital assets in the global financial system.