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Leonid Bershidsky

Bitcoin Is Surging Again. Just Ignore It.

The latest spike to $5,000 is just another blip as cryptocurrencies stumble toward maturity.

On a tear.

On a tear.

Photographer: Thomas Trutschel/Photothek via Getty Images

Bitcoin spiked briefly above $5,000 on Tuesday, a level it hasn’t reached since it crashed spectacularly in November. The surge pulled up other cryptocurrencies, too. But have no fear of missing out: Whatever the explanation, there’s no good reason to turn bullish on crypto.

If you go to crypto websites or follow the market’s opinion leaders on Twitter, it’s clear this universe has been captured by near-euphoria in recent days. “I’ve never been more bullish about crypto than I am right now,” TechCrunch founder Michael Arrington, who runs a crypto investment fund, tweeted on March 29.