Snoop Dogg is paying attention to the crypto winter – this NFT expert explains why you should too

We might be in the dog days of summer here in the physical world, but for crypto, it’s the dead of winter. Right now we’re in the middle of a so-called “crypto winter.” What does this mean and does it have anything to do with the so-called, “bear market” of other industries? 

“Crypto winter is an internet meme-term referencing the periods of time after token prices have achieved all time highs and there’s been a sustained draw down, it is characterized by small incremental updates from software engineers who are willing to work for less present compensation or forgo it altogether building their own projects. Unlike bear markets for other industries the barrier to entry is time, prior development knowledge, and access to the internet, something of which computer engineers have the most of,”says Web3 expert Connor Borrego.

With the 2008 recession, the downfall lasted for 18 months until June 2009. Do crypto winters last just as long, and if so what is the recovery like?

Borrego goes on to say that, “The last crypto winter lasted for 2 years, it may have lasted even longer if COVID-19 hadn’t sparked DeFi summer. Prior crypto winter cycles only lasted for between 111-547 days, with the average being skewed higher especially in the last three iterations. The catalyst for a return of the bull market is utility, and with more people developing within the ecosystem than ever before, we’d expect it to retain the 15-18 month recovery timeline with consumer products breaking through with some mainstream recognition, though the larger macro-economic environment is always a factor as well.”