Cryptocurrency's Rollercoaster Ride: Why Has the Thrill Faded?
Tim Knight | Oct 12, 2023 01:14AM ET
A few years ago, if you were a compulsive gambler and wanted excitement, the world was your oyster thanks to meme stocks and crypto. Crypto in particular was insanely volatile, with Bitcoin, for example, zooming and crashing by tens of thousands of dollars on a nearly constant basis.
These days? Not so much. Crypto is now mainly known for (1) FTX (2) Caroline Ellison Halloween masks (3) Bitcoin costing pretty much $26,000 or so no matter when you look. Instead of moving up and down by tens of thousands of dollars, Bitcoin moves up and down by hundreds. No one gives a crap anymore.
Below is a presentation that captures this nicely, illustrating by way of a cluster chart the dynamism of Bitcoin from year to year. In 2023, the grouping is much more tightly clustered than it was in 2021, when the damned thing was just all over the map.
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