The crypto market had a different trajectory in earlier cycles. Before certain major figures and policies shaped today's landscape, the ecosystem operated under different dynamics. Whether those earlier conditions were more favorable for organic growth remains a topic worth analyzing. Market structure, regulatory environment, and key players' influence have all shifted significantly. Some argue the decentralized spirit was stronger before centralized forces became dominant in trading and governance. Facts show market concentration and institutional involvement have grown—whether that's bullish or bearish for the asset class depends on your perspective.