Crypto is a speculative digital commodity bubble. We haven't seen a real bear market yet. Gold took 7 years from 1973 when you could own gold again to the 1980 peak. All the increase in gold mining lead to a 20 year bear market.

The crypto narrative is fundamentally unsustainable. It doesn't just have to beat the S&P 500 returns, people need to believe they are going to get rich. That November 2021 peak is going to be tough to take out. That is looking like the peak of the everything bubble from COVID. The get rich narrative can only hold for so long until the reality that crypto is a set of volatile currency no one really uses and has been massively over mined for years now sets in.