Root for the tech behind bitcoin
Cryptocurrencies are experiencing an extraordinary run. Bitcoin, the largest virtual currency by market value, is up over 1,000 per cent year-to-date, and its crypto-cousin Ethereum is up a breathtaking 5,920 per cent at the time of writing. For all its record-setting year, the S&P 500 in contrast is up just 17 per cent.
Even negative headlines like government clampdowns on initial coin offerings have not stopped their blistering ascent. Still, they are also among the most volatile of publicly investable assets - for example, bitcoin plunged 31 per cent at one point in September and again 10 per cent last month, only to regain all losses and more in just a couple of days.