I was looking at the interest rate historically, and this was my take.
I think neutral rate is better for most people.
Now look back in time when NASDAQ went parabolic the crashed, it took over 15 years to break even.
https://www.wsj.com/articles/u-s-stock-futures-little-changed-ahead-of-data-1425302537
The crash after all that hype on what was essentially nothing was extreme - but it will keep "recovering" now there is actually an industry behind it. I suspect that crypto will be similar in this regard once it actually has products.
99% of crypto are hot air with no purpose, good ones will survive and recover.
Market cap however are still overly weighted in a few, there is essentially no reasonable “basket” for an index. NASDAQ has a survivors bias with defunct stocks swapped out.
More than 70% of crypto market cap are BTC, ETH, and the top 3 stable coins 😓 if you group layer 2 coins on ETH and BNB, there is hardly much value left outside.
Smaller and good ones still have tremendous amount of upside until we have more diverse representation, or do you see crypto as winner takes most forever?