What Is a Bull Run in Crypto? Elon Musk Tweets, Deletes 'Bull Run Is Over' Meme

Elon Musk took to Twitter on Monday to share what appeared to be a teasing jab at cryptocurrency enthusiasts before deleting the post.

The billionaire CEO of Tesla and SpaceX posted an image that stated "the cryptocurrency bull run is over."

The post included a tongue-in-cheek list of next steps for crypto investors, which included "get hair plugs," moving to Los Angeles, and leasing out a Mercedes G-Wagon.

Musk himself is a supporter of cryptocurrency and has stated he prefers it to normal money. Nonetheless, the tweet prompted a wave of teasing replies.

Wow. @elonmusk deleted this tweet when everyone started pointing his own hair plugs. What do you think?@michael_saylor pic.twitter.com/sfplR8nxsK

— Legendary Supasaian (@LSupasaian) May 25, 2021

Tragic story 👇 pic.twitter.com/ZQJHunZlCS

— Jason A. Williams “Parabolic Guy” (@GoingParabolic) May 25, 2021

What is a bull run?

A bull run is a financial term referring to a situation in which a particular asset or market is on the rise. The term is typically associated with the stock market but can be applied to anything that is traded.

The length of a bull run can vary, but a rise generally has to take place over an extended period in order for it to be classed as such. It may last for months or even years.

Causes of a bull run can also vary. Prices may go up over a long period of time driven by factors such as optimism and confidence on the part of investors.

A market that is subject to a bull run may be called a bull market. A bull market is the opposite of a bear market, in which asset prices tend to decline over an extended period of time, perhaps driven by pessimism.

Investors can also be said to be "bullish" about an asset or market if they expect it to go up, and "bearish" if they expect it to go down.

The value of the cryptocurrency market as a whole has experienced a rapid rise since the start of 2020, when all coins in circulation were worth a total of around $185 billion, according to CoinMarketCap data. By mid-May 2021, this figure, known as the market cap, had risen to more than $2.5 trillion.

However, the cryptocurrency market's bullish trend appears to have faltered in recent weeks and taken a sharp downturn.

The market cap fell as low as around $1.3 trillion over last weekend. It has since recovered slightly to $1.5 trillion.

The price of Bitcoin, the most valuable cryptocurrency coin, has been one notable example of the market's recent downturn. It is currently worth around $37,000, down more than 42 percent from its all-time high of just over $64,000 on April 14.

The price of Bitcoin has likely recently been hit by news of a wider cryptocurrency crackdown in China, as well as an announcement from Elon Musk that his electric car firm Tesla had stopped accepting it as payment due to environmental concerns.

Wall Street bull
A brass statue of a bull located on Wall Street, New York City, pictured in June 2012. A bull run is period of time in which markets go up. Robert Nickelsberg/Getty