The present paper focuses on the life cycle of Argos during the early Mycenaean period (MH III/LH I-LH II), also taking into consideration the back-history of the settlement from the beginning of the MH period. On the basis of new evidence from the Aspis MH settlement, and using the Adaptive Cycle model for Argos and for nearby settlements (Lerna, Mycenae), we propose the existence not only of varied life paths for the different sites, but also of important potentials in the MH period that led Argos to great prosperity during the MH II phase, completing a whole AC by the end of the MH period. During the transitional phase (MH III/LH I), and despite a rather illusory image of continuous growth, as reflected in new buildings in the fortified acropolis of the Aspis, Argos enters a critical phase that then becomes apparent through the abandonment of certain residential areas and the relocation of some population groups within and probably beyond its borders. According to one possible scenario, a group of people moved, at the very beginning of MH III, from the Aspis acropolis probably to Mycenae, thus participating in its spectacular rise from the late MH period and onwards. In LH I-ΙΙΑ Argos is still in a phase of reorganisation, marked by the definite abandonment of the acropolis and changes in the social and economic domains. Only in LH IIB does Argos enter a phase of substantial renewal, as reflected in both the burial/ideological and the residential spheres through the respective establishment of a new burial ground at the Deiras and the rapid expansion of the settlement in the Lower Town upon the vestiges of the old cemetery. However, the critical phase in the transition to the LH period and the restraint of Argos' dynamic course irreversibly transformed it from a leader and a prime agent of the plain (in MH) into a secondary political power throughout the Mycenaean period.