Crypto’s Boom Is Sucking Demand From The Stock Market’s Darlings

Crypto’s Boom Is Sucking Demand From The Stock Market’s Darlings
Andrew Rummer

almost 3 years ago1 min

Smaller investors appear to be losing interest in the stock market as top cryptocurrencies like ether and dogecoin climb to fresh records. 

As the chart shows, shares in stocks beloved by retail investors – cannabis producer Tilray, mobile games platform Skillz, electric vehicle firms NIO and Plug Power, and space tourism operator Virgin Galactic – have declined over the past three months – while the price of crypto tokens has kept climbing and climbing. 

The data suggests that those seeking high-octane investing thrills have been shifting to crypto and away from stocks in recent weeks. And while crypto remains this frothy, these former stock market darlings may struggle. 

“A correction in cryptocurrencies seems necessary to bring the mojo of fallen retail angels back,” analysts at data provider VandaTrack wrote in a report on Tuesday.

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