📈 Crypto Market Cycle Scale changes the math. The base gets bigger. The multiples get smaller. What matters is where this cycle can stretch. 🔹 Historical TOTAL Market Cap Peaks - 2013 bull: 15B - 2017 bull: 830B - 2021 bull: 3.0T - 2025 (current): 4.2T (Peaks are rounded. Current is today’s ballpark.) 🔹 Growth Multipliers - 2013 → 2017: 55x - 2017 → 2021: 3.6x - 2021 → 2025 (current): 1.4x 👉 The rate of increase is slowing each cycle. From 55x to 3.6x to 1.4x. 🔹 Possible Scenarios This Cycle - Bear case: Stays near here. Peak 4.5T–5T. - Base case: Modest growth with broader participation. Peak 6T–7T. - Bull case: Institutions plus retail mania plus ETF flows plus friendlier policy. Peak 8T–10T. 📝 My Take - We are in diminishing returns mode. With 4T+ already printed, the most realistic path is a 6T–7T peak. - 10T is a stretch but not fantasy if global liquidity, ETF demand, and a true alt rotation align. ➡️ Expect smaller multiples in future cycles as crypto shifts from startup to macro asset class.(Zane)