Gains in the crypto market have probably been driven by a reversion to the mean, Bernstein said in a research report Monday, noting that bitcoin (BTC), the largest cryptocurrency by market capitalization, fell more than 65% last year. Mean reversion is a theory used in finance that suggests asset prices tend to revert to their long-term mean or average level.
According to Bernstein, the mean reversion of crypto still has room to run, and so…
