There are more irrational agents than rational agents in cryptocurrency markets so no surprise there is lottery like behavior. Irrational agents bet on luck ear

There are more irrational agents than rational agents in cryptocurrency markets so no surprise there is lottery like behavior. Irrational agents bet on luck earning them profit or something like gut feeling and rational agents bet on analysis they've done and information they've gathered thought out research. And whole cryptomarket is largely unregulated so there are many cases of market manipulation. You could see what happens when large group of irrational agents enters the market in the case of GameStop.