crypto

A common hopium is "crypto is up only"

Reality: 99.9999...% crypto assets are down only. They hit an ATH in some mania, that ATH will never be hit again, and they will be down only forever

BTC, ETH, handful others are massive exceptions that have carved out a secular bull, but even they will see a secular bear eventually, like all emerging markets have through the centuries

I believe the main innovation in Crypto has been seeing startups trading from day one. On Nasdaq, the phenomenon was different because going public requires a significant financial effort. I've been investing in startups for a long time, and I think this market has had the best risk/reward ratio I've ever seen.
 The reality you describe is the usual statistic in the venture world, from which I believe a new generation of tech companies has already been consolidated. 
Now we can choose between crypto venture and crypto tech