Does cryptocurrency market efficiency change over time?

In recent years, the cryptocurrency market has undergone significant transformations, ranging from the emergence of new coins to the introduction of regulatory frameworks. Given this dynamic backdrop, I'm curious to delve deeper into the question of whether cryptocurrency market efficiency changes over time. Could you elaborate on the factors that might influence market efficiency, such as technological advancements, investor sentiment, or regulatory interventions? How do these factors interplay and potentially shift the efficiency of the market? Furthermore, are there any historical trends or patterns that we can observe in terms of how the market efficiency has evolved over the years? I'm keen to understand how the crypto market's efficiency is evolving and what implications this might have for investors and market participants.