Cryptocurrencies are five times more volatile than stocks – why? We shed light on this issue by applying a variance decomposition that separates noise and different forms of information in returns. We find that noise plays the dominant role in the price variance, accounting for 40%. The remaining variance is distributed across different types of information: market-wide information contributes 20%, private information accounts for 19%, and public information makes up approximately 21%. Noise share in cryptocurrencies is much higher than in traditional assets, including stocks (21%), currency (18%), and commodities (15%), yet lower than non-fungible tokens (47%) and the less regulated market such as in-game items (63%). We find that the high noise in cryptocurrencies is related to the high participation of retail investors, who are influenced by media and are prone to behaviors like FOMO and HODL. However, we also show that the fundamental information about cryptocurrencies does not improve the market quality. These results suggest that cryptocurrencies are still immature, relatively informationally inefficient, and face larger systemic considerations than unique asset-specific issues.