Spluttering Equilibrium

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We haven’t looked at cryptos in a while. My general point is a simple one: they seem to have found (or “discovered”, as the economists would say) their price. Funny how that works, when a government isn’t trying to manipulate prices.

But the fact is that the entire crypto experiment seems to have sort of wheezed and gasped to a natural price point. Just look at these formerly dynamic charts and how they’ve all snoozed their way to a steady price point.


If that wasn’t enough to convince you, take a look at volume. Here is the dollar volume of Bitcoin, for example. It is literally about 1% to 2%, depending on when you check, of its former peak volume. One can only imagine how many hundreds of businesses were funded during this mayhem which wound up doing absolutely zilch.