稍微解释一下

问题如下：

Early investors in cryptocurrencies have enjoyed significant price appreciation but many later-stage investors suffered huge losses most likely because:

选项：

A.

blockchain technology favors early-stage investors.

B.

there are substantial price fluctuations in cryptocurrencies.

C.

cryptocurrencies have increased their appeal to institutional investors

解释：

The correct answer is B. Because cryptocurrencies are a relatively new innovation, their market is subject to rapid price swings, changes, and uncertainty. Their prices have been extremely volatile over the years, and price drawdowns were often much more substantial than for traditional asset classes. As a result, later-stage investors may suffer huge losses depending on their points of entry and exit.