This Bear Market was a lot different than any other before. Previous times we had to wait for the peak of the bull market for a new hashrate ATH, now we are making ATHs for the whole bear market.

While many may think that Bitcoin is seemingly always following the same cycle of Bear market and Bull market with the famous 4-year cycle theory that may have been follwing and which is also one of the last ones to not get disapproved, yet. While that may be true, it is still important to have a look into the actual shape and structure of those bears ans bulls, because that it where it all changes.

Especially this bear market is completely different to the last ones, which would make senseas the 2021 bull market on-boarded a lot of new users and basically put the name Crypto into the mainstream for everyone to know. So obviously now the market with more more participants would act a lot different.

One of the biggets and most obvious ways ot portray that theory is the Hash-rate of Bitcoin:

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Here we can see how the Bitcoin hash-rate has been constantly going through ATHs for literally nearly the entirety of this year and even last year we had periods of ATHs, meaning that even during the peak of the bear market we were able to make new records in hash-rate, meaning even then the amount of BTC being mined and teh power using to mine it was hitting new all-time highs.

Bitcoin All-time hash rate chart, from Will Clemente

This has been completely different during past bear markets, in fact even our mini-bull run in 2019 with a 250% price surge was not able to put in a new hash-rate ath. Now just a 40% surge had put us at constant all-time highs.

This just shows how much the dynamics of the whole market have changed over the year and that no the price is not the only thing driving the fundamentals of Bitcoin and all of Crypto.