The good Bitcoin news: In July, the signature cryptocurrency rose 21% on strong endorsements from such prestigious backers as Elon Musk and Jack Dorsey. The bad news: En route to that gain, Bitcoin took the wildest of roller-coaster rides. Its careening course shows once again that Bitcoin is likely the most volatile major asset class ever to be taken seriously. Skeptics might argue that the stumbling and ascents are so extreme, and put investors at such risk, that it shouldn’t be taken seriously.

Bitcoin zigzags crazily on its way to a comeback

Over the 22 business days in July, Bitcoin swung a total of 40.7% from its low on July 20 of $29,308 to a high on July 31 of $41,598. By mid-morning on Aug. 2, it has fallen 5.6% from that summit to $39,396. On its two least volatile days, July 22 and 23, its variances from low to high were 2.8% and 2.9%. On 11 days, or half the time, it was worth at least 5% more at its best level than at its worst. Its biggest leap from bottom to top: 17.7% on July 26 on speculation that Amazon might be venturing into digital currencies.