Tilray Inc. TLRY investors witnessed some extreme volatility this week. Shares of the cannabis company surged as high as 90 percent Wednesday before the stock was halted five times leading up to the closing bell.
Characteristics of Tilray’s stock performance this week very easily correlate with those of the cryptocurrency bitcoin's performance in 2017.
What Happened
Bitcoin started 2017 priced under $1,000. By year’s end, the coin's value had surged more than 1,300 percent.
The currency experienced an elevated year, jumping from a price point of $5,000 in August to $7,500 in November to a temporary high of $20,000 in December. The digital currency is currently priced at just over $6,000.
What It Means
Infographic courtesy of MarketWatch.
Drawing the similarities, MarketWatch produced a graph signifying the patterns of high-volatility sectors such as cannabis and cryptocurrency. As made apparent by the graph, there is no telling whether Tilray will maintain its momentum or face a crash similar to bitcoin.
Tilray shares were down 19.38 percent at $172.57 at the time of publication Thursday.
Related Links:
The Options Market Suggests Tilray's Huge Gains Might Not Last Long
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