Bitcoin has unusual relationship with volatility

Too much hype could be the sign of a cryptocurrency bubble

Cryptoassets are showing the signs of a bubble. Market capitalisation is $222 billion, 16 times as much as a year ago, with no significant change in tangible economic value. The virtual currencies elicit investment excitement and breathless news coverage; sober analysis treating both technical issues and economic fundamentals is rarer.
 
There is incessant cheerleading by people who own cryptoassets, manufacture them or sell associated services. A prominent example is the Amazon best-seller Cryptoassets, which is filled with classic financial hype and bubble logic. The book offers no clear evidence that investors will realise value from buying these assets today.