- The 2024 crypto bull run is different in many ways from the 2017 bull run
- 2017 relied on the ICO boom and a focus on real-world utility, whereas the current bull run is driven by speculation and Donald Trump’s promises
- In 2017, Trump and his team were actively trying to burst the Bitcoin bubble
The 2024 crypto bull run presents a stark contrast to 2017’s surge, which was powered by the ICO boom and widely publicized partnerships of blockchain projects with major corporations. This year, market speculation is the dominant force, supported by Donald Trump’s pro-crypto stance and his re-entry into U.S. politics. However, the lack of real-world utility and the near-absence of corporate collaborations cast doubt on the rally’s sustainability.
The Partnership Fallacy
The 2017 bull run was shaped by the ICO boom, with blockchain projects frequently touting partnerships with multinational corporations. Ripple (XRP) made headlines for its supposed collaborations with American Express and Santander, while Stratis hinted at working with Microsoft’s Azure platform.
These partnerships, though often overstated, provided a veneer of legitimacy for blockchain projects. 2017 was the era of partnerships—real or imagined—giving investors the illusion of institutional validation. An ICO that could boast a partnership, no matter how spurious, would be enough to make it go stratospheric.
2017 was the ‘blockchain boom’ run, the one where every man and his dog shifted their operations to the blockchain, and the technology was going to change the world. Given the lack of real-world adoption seven years later, it’s clear that it has failed to deliver
Speculation and Trump’s Promises Driving Current Run
In 2024, this dynamic has shifted. Few projects highlight corporate collaborations, and most tokens gain value through social media-driven hype and speculative trading. Meme coins and projects with unclear roadmaps dominate, moving the focus away from utility to market trends.
A major shift has been the attitude of Donald Trump, back for a second attempt at destroying America. His pro-crypto stance during his political resurgence have helped Bitcoin close in on $100,000, with his remarks about blockchain technology’s potential role in the financial system and his alignment with deregulation-friendly policies reinvigorating investor confidence. Ironically, the 2017 bull run ended partly when Trump’s administration agreed to allow an institutional futures market, which helped pop the bubble.
Trump’s political comeback and campaign for the 2024 U.S. presidential election have further boosted market sentiment, creating hope for a favorable regulatory environment under his leadership.
Crypto Still Lacking Utility
The current rally’s major weakness lies in its lack of meaningful utility. While the 2017 boom laid the groundwork for decentralized finance (DeFi) and non-fungible tokens (NFTs), 2024’s bull run is characterized by tokens with limited or no practical applications. Sporadic partnerships have sprung up, but these are the exceptions that prove the rule. As ever, speculation still rules the waves.
The 2024 crypto bull run, fueled by speculative enthusiasm and Donald Trump’s crypto-friendly rhetoric, lacks the structural drivers of 2017’s partnership-driven boom, for what they were. While Trump’s influence has invigorated the market, the absence of significant utility and meaningful corporate backing raises questions about the rally’s longevity. As with past cycles, the market’s future will depend on whether hype can eventually translate into lasting innovation.
