Eliza Times

On July 23, 2026, users in the discussion channel debated whether the crypto market is currently in a bear or bull market.

One user argued it remains a bear market until the top 100 coins by market cap each reach at least 1 billion dollars in market capitalization, referencing conditions seen in late 2020 and mid 2025 as benchmarks for a true bull market. Another user countered that major cap coins like Ethereum are in a bear market and that everything else is just noise. A third user pushed back on both, stating that crypto is no longer a small market where everything moves together, and that it now moves in sectors. This user pointed to onchain markets, specifically the Robinhood chain, as currently experiencing a bull market, while majors lag behind. The conversation also touched on Ethereum not having had a meaningful bull run in over five years, only recently breaking above its 2021 high in August 2025. Users attributed this partly to a poor macro environment and tightening monetary policy over the past five years. The discussion also noted that past narratives such as AI coins, meme coins following the 2024 presidential election, RWA, and the Robinhood chain have each drawn attention in cycles, similar to how attention drove the semiconductor stock market. One user expressed doubt that a broad alt season like 2021 would return, while another insisted alt season is already happening in specific sectors and that participants are missing the point by focusing only on majors. The conversation briefly extended to rising memory and smartphone prices as a reflection of broader macro pressures, with one user humorously suggesting that cheap memory prices might signal the return of a broad alt season.