Yes, but in a very different way, with a very different dynamic. While before, it was as OP said in that it's based on an aggregation of speculative sentiment f

Yes, but in a very different way, with a very different dynamic. While before, it was as OP said in that it's based on an aggregation of speculative sentiment from traders, it's now a pebble in pond ripple effect, where a panic of a few can trigger a runaway snowball effect MUCH faster than organic trading (algorithmic trading happens on the order of milliseconds). Also, I didn't say it was better. IMO it's probably just as volatile/dangerous. It's just harder to predict as it's not as rooted in actual emotion/speculation.