Cryptocurrency is getting a lot of attention for different reasons. As an investment, it has the potential for higher returns than traditional vehicles. It also lets consumers conduct transactions without a middleman. But before you open an account with a crypto exchange and start investing, you should understand how the crypto market works. It consists of four phases: accumulation, markup, distribution, and markdown. This article highlights the distinct characteristics of each cycle so you can recognize when to get in and out of the market.