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Leonid Bershidsky

Cryptocurrency Markets Aren't All the Same

Different flavors of digital money reflect emerging bets on promising applications. It's not just mindless speculation anymore.
Chocolate, vanilla, strawberry ...

Chocolate, vanilla, strawberry ...

Photographer: Chris Ratcliffe/Bloomberg

There's a compelling reason to consider what's going on with cryptocurrencies a purely speculative boom-and-bust roller-coaster: Over a three-month period, the prices of all the top coins and tokens are rather strongly correlated, going up and down in unison. What does that make them if not the 21st-century incarnation of tulip bulbs?

QuickTake Bitcoin and the Blockchain