The jump from one speculative asset to another is indicative of the broader frenzy that has driven up prices for a range of assets including stocks, commodities such as silver and cryptocurrencies. It also shows how new investors with savings bolstered by stimulus checks and who are spending more time at home during the Covid-19 pandemic have become a volatile new force in financial markets.
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“It really does feel like a slot machine,” said Susannah Streeter, senior investment and markets analyst at U.K. asset manager and stockbroker Hargreaves Lansdown. “They’re thinking, which one is going to make me a fast buck between now and six months’ time? It’s based on speculation, and not the underlying value of that coin.”
